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Credit Card Crimes- Credit Card Fraud by Gen Wright

As the economy gets from good to better, and the value of currency slowly climb the ladders, money progressively inconvenient to carry. Hence, plastic money. Credit cards are the epithet of progress and the benchmark of an urban personality. Yet, thus goes the sayings of old, every coin is double faced. More the world gets prone to virtual transactions and easy transfer of value, the forgery and crimes involving fraudulent practices head for the high.

Of these, the credit card fraud seems to be on an all-time high. This crime genre is defined by theft or fraud committed with a credit card, with a holding of a fake source of funds. The general motives are to perpetuate transactions without actual payment of the value. A credit card fraud may also involve identity theft. The credit card fraud cost for the year 2006, were 7 cents per $100 basis of transaction. This transaction gets magnified many folds, as the cost amounts to billions of dollars. The fraud starts with the physical theft of the card or data associated with its use. Often the original card holder does not get a tip off about the loss, until unless the fraud is completed.

Generally, a thief may not act for months after the theft, upon the account, hoarding amount into a compromised account. In this case, the original card holder may not be aware of the possible source of compromise until the billing statements of a transaction arrive to him. It is possible for the card owner to inform the authorities within 24 hours of the theft, and the card is canceled only after the tip off of the card owner. Though, the thief can act within the few hours before the theft is reported. To prevent such crimes, the merchants and other business institutions demand identity accounting to more than the signature, like photograph of the owner, or driving license. Though it is against contractual ethics to demand any identity from a credit card holder, it remains that a signature is an extremely feeble scope of identification, and is very easily duplicated.

The credit card fraud statistics are very high, the count being higher in developed nations, than in developing nations. In 2006, the fraud in United Kingdom alone was 535 million pounds or $750-830 billion, at an estimate. The credit card fraud scams generally go without any strict penalty, which is acting as an impulse to its increase. There is a monetary penalty for the companies and institutions that do not follow the regulations set up to prevent credit card fraud. The development of online banking and credit card payment had been very helpful. Though these crimes don't create tantamount damage, it is extremely corrosive for the economy, and if not controlled can lead to gargantuan loss of assets and retardation of the economy.

As a credit card user, one should always be careful and be aware of all the possibilities by which you card can be duped.

For more information on how you as a business entity can protect against such like losses check out credit card fraud definition or credit card fraud numbers.

Article Source: http://www.earticlesonline.com/Article/Credit-Card-Crimes--Credit-Card-Fraud-/1355002