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Free «Check and Card Fraud» Essay Sample

Check fraud and Credit/debit card fraud is on the increase and is becoming a great fear in the midst of the global financial crisis, according to a report by Unisys. Worry about fraud surpasses that of terrorism, computer and health viruses and personal safety. In 2010 a study conducted by AFD revealed that 71% of organizations experienced attempted or actual payments fraud.

The fraud takes the following manner: modifying and forging checks and cards, committing application deception, stealing through purse-snatchings, pickpocketing, stealing from vehicles, and burglaries. Bonney (2010) has distinguished that 20% of street raiders in London take credit or debit cards from their targets, seizing checks and cards in the mail- since the seized cards are not signed they are predominantly appropriate. These criminals may also seize cases of new and unused checks, obtaining another person's PIN through blackmail, threats or deception for instance, by observing as the person punches in a PIN, manufacturing and selling forgery cards via transnationally structured crime, leasing or selling stolen or phony cards to a regular buyers, hacking into a merchant's client database to get credit card information, setting up spurious websites that request credit card and other personal data like the pin number- with the increase in technological automation this method is proving efficient for swindlers.


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Various measures can be put in place by both the people and the institutions in preventing the increase of card and check fraud. Be sure to sign the immediately you receive the cards, you may also carry it separately from the wallet. Keep the card numbers, pin and other details securely. Do not sign blank checks, destroy all carbons and incorrect checks, track the billing statements regularly, notify companies involved in case of change of details such as address or phone number. To reduce frauds in the internet be sure to understand terms and obligations of the seller and buyer before giving your details. One should always be careful with the details of their cards. Whenever you become a victim of fraud, immediately inform the company to report the crime and terminate the account then file a police report.


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