Event Title

“What’s in your wallet?” A Survey of Federal Prosecution of Credit Card Schemes in Virginia and How Businesses Respond to the Challenge.

Date

4-9-2022

Location

Schewel 217

Description

Credit card fraud increases exponentially on an annual basis. The Covid-19 pandemic has only exacerbated the problem by necessitating the increased use of technology and online shopping. The Federal Trade Commission (FTC) reports that credit card fraud made up 32% of Virginia’s identity theft reports. With credit card fraud making up such a large number of Virginia’s identity theft reports, it’s increasingly important for consumers to know what security measures companies have in place to protect their data and money. The author examined 27 United States District Court cases involving credit card fraud in Virginia from both the Eastern and Western Judicial Districts of Virginia ranging from 2014 to 2020. The author also conducted eight interviews with Virginia-based companies. They were asked a range of questions concerning recent fraud suffered by the company to what specific integrity techniques they use to deter and detect credit card fraud. The author then compared that information with the information obtained from examining court cases and company websites to identify if what the companies are doing are deterring or catching the criminals. While no system is perfect, it’s important to note that fraudsters are constantly improving their techniques, making it hard for systems to adapt to these new techniques.

Presentation Type

Presentation

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“What’s in your wallet?” A Survey of Federal Prosecution of Credit Card Schemes in Virginia and How Businesses Respond to the Challenge.

Schewel 217

Credit card fraud increases exponentially on an annual basis. The Covid-19 pandemic has only exacerbated the problem by necessitating the increased use of technology and online shopping. The Federal Trade Commission (FTC) reports that credit card fraud made up 32% of Virginia’s identity theft reports. With credit card fraud making up such a large number of Virginia’s identity theft reports, it’s increasingly important for consumers to know what security measures companies have in place to protect their data and money. The author examined 27 United States District Court cases involving credit card fraud in Virginia from both the Eastern and Western Judicial Districts of Virginia ranging from 2014 to 2020. The author also conducted eight interviews with Virginia-based companies. They were asked a range of questions concerning recent fraud suffered by the company to what specific integrity techniques they use to deter and detect credit card fraud. The author then compared that information with the information obtained from examining court cases and company websites to identify if what the companies are doing are deterring or catching the criminals. While no system is perfect, it’s important to note that fraudsters are constantly improving their techniques, making it hard for systems to adapt to these new techniques.