Credit card security and e-payment: enquiry into credit card fraud in e-payment

The emergence of electronic commerce has brought in its wake some major security concerns. Electronic Payment has dominated and attracted much attention in recent times as all major stakeholders, thus payment operators, electronic card manufacturers as well as and cardholders continue to seek for effective means of combating the threats of internet frauds and more especially credit card frauds. Of the security issues facing banks everywhere, prevention of credit cards frauds has always been a high priority

Credit card frauds come in several ways. The most prevalent and commonly known type is counterfeit card fraud. Counterfeit fraud has now been overtaken as the most costly type of card fraud by a newer method, that of Cardholder-Not-Present (CNP) fraud which accounts for higher percentage of frauds in electronic payment in most developed countries. However, as new banking channels have opened up, for example internet, phone banking and e- commerce, and the boom in credit card use, crime has migrated to seek any opportunity to attack these new and immature transaction methods. Our study is an attempt to delve a little further into the issue of credit card frauds by exploring the processes involved and pursued by two financial institutions in Sweden and India, focusing on the four key processes identified by Buttfago and Dyxler.

Author: Dara, Jithendra; Gundemoni, Laxman

Source: LuleƄ University of Technology

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