It Portfolio

Title: Credit Card Fraud
News Item: Credit cards stolen and then misused.
Areas of Impact: Business and Employment
Candidate name: Deepan Chakraborty
School name: Pathways world school
Word Count: 950

Presentation of the issue-

Credit card fraud is a very wide-ranging term for the criminal act carried out with the use of a credit card. The sole purpose for such an act is to purchase products without paying. Credit card fraud can also be seen as an addition to Identity Theft. The fraud usually is the theft of the card, physically or the compromise of the data linked to the account, which can be the card account number. Stolen card can be reported by the card holders as soon as they realize their can has been stolen, but the account linked to that specific card can be used by the thief for many months or weeks before any fake use, which of course makes it very difficult to recognize the source of the compromise. For the card holder himself, he or she is unaware of this until he receives the billing statement, which is delivered from time to time.

When a credit card is stolen, it can be used until the holder informs the issuer that his or her credit card is stolen or lost. It is very much possible that the thief makes several unauthorized thousands of dollars purchases with that specific card until the card is canceled by the issuer. And for the merchants, when hit by a fraud, the credit card processors increase their rates, which also lead to increased risk. The merchant also risks losing their accounts with the card companies if their fraud rate gets too high. Credit card fraud is one of those things that cannot be completely eliminated or stopped; this is an issue that needs to be managed. Merchants must develop a delicate balance between using safeguards to prevent fraud and not creating too many hoops for customers to jump through.

Credit is a way of selling products or services without the buyer possessing the cash in hand. A credit card is way...