[ronnierules]

A. Credit Card Frauds: -

a) Meaning: -

A credit card is a money transaction device without using cash or fiduciary documents.

b) Aware of Credit Card: -

The credit card, as already seen, is a money transaction device. The institutions issuing the credit card give the card holders authority to obtain money, goods, services or any other thing of value, on credit. They guarantee payment of debit so raised. These institutions are banks and other financial institutions, clubs and travel agencies and departmental stores, etc. Credit Cards, Bob Cards, Master Cards, Visa Cards, express Cards, Euro Cards have wide circulation. Some of them have wide circulation. Some of them have world-wide circulation.

c) Advantages of Credit Cards: -

Following types of safety measures are being introduced increasingly in the credit card manufacture. They can be adopted with advantages:

1. Simultaneous printing on both sides of the cards; creating some superimposed graphics, patterns, digits or writings.
2. Multi-layered laminates incorporating lateen images which may distinguish the genuine from the forged.
3. Intricate graphics and distinctive letter and digit designs.
4. Laser printing to engrave the letter and digits on the credit card.
5. Three dimensional insignia, logo of high artistic quality on the credit card.
6. Encoded information track in magnetic inks on magnetic stripe.
7. Cards inserted in the imprinter head, designed and manufactured to rigid specification to permit limited tolerance to admit only genuine credit cards.
8. Secure Signature Panel.
9. 3- Dimensional hologram.
10. U.V. fluorescent images and designs.
11. Micro printing
12. Optically illusive figures, designs, etc.
13. Heavy duty embossing logo.

d) Credit Card Frauds: -

Credit card frauds manifest themselves in a number of ways:
1. Genuine cards are manipulated.
2. Genuine cards are altered.
3. Counterfeit cards are created.
4. Fraudulent telemarketing is done with credit cards.
5. Genuine cards are obtained on fraudulent applications in the names/addresses of other persons and used.

It is feared that with the expansion of E-Commerce, M-Commerce, and Internet facilities being available on massive scale, the fraudulent fund freaking via credit cards will increase tremendously. The shape it takes will be limited only by the ingenuity of the future.