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verifying that credit is available, the transaction is authorized and the cardholder receives the product. (This is further explained in detail on page 9 of this document)

This simple process of electronic transacting has opened up a world of e-commerce opportunities. From an information system perspective the processing workflow of an online credit card transaction is shown below:

Figure 1: Online Credit Card Processing Workflow Diagram (Hubbard, 2003)

Because of the vulnerabilities that lay in a transaction, more so the networks across which the information is exchanged, various security breaches can occur.

Types of Credit Card Fraud

There are many different types of credit card fraud. Fraudsters are very innovative in finding new ways of committing credit card crime and as technology changes so does their crime tactics. Security issues surrounding the card fraud has moved from the traditional ways of committing credit card crime (Application Fraud, Intercept Fraud and Lost/Stolen Card Fraud) to the modern techniques namely, Skimming, Site Cloning and most recently Triangulation.

Skimming is the fastest growing type of credit card fraud around because of its simplicity. Pocket Skimming devices can be easily carried around and the cardholder’s data can be obtained by merely swiping the card through the battery-operated magnetic card reader. This technology has also evolved so as to read the data of Chip and PIN cards, with the use of a scanner. These scanners, which can write or even re-write the data on the Chip cards, are fully portable and have high storage capacities. Because some of these devices are not illegal, they are easily accessible to hackers and can be bought over the internet.

Site Cloning involves cloning an entire site or just the pages where customers make purchases. Since the web pages are identical customers are not aware that their personal information is being compromised. Also, confirmation details are sent to the customer just as the official company’s website would, so the crime goes undetected. The details entered on the cloned site are then used by the fraudster to commit credit card fraud.

Another method of credit card fraud is Triangulation. Goods are presented on websites at discounted prices, which can be shipped to the customer before payment. Again, just as with site cloning, the site appears to be legitimate then the customer proceeds to enter their personal data. With this captured information the fraudster can then order goods from legitimate retail websites using the credit card number obtained.

Due to these security issues surrounding credit card information security, there has been global industry-wide concern for the protection of cardholder’s data. Since security management is a systematic issue, a serious look at what can be done to prevent security breaches is necessary-whether it may be legislation, the use of fraud detection system monitors or the application of data encryption/ authentication techniques.

Chip and PIN Technology

Credit cards have been a feasible solution for making payment pro本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。