Credit card frauds Literature review Example | Topics and Well Written Essays - 3750 words

Credit card frauds - Literature review Example Gomez (2008) observes in this regard that a rich businessman of United States Frank X. McNamara helped to enhance the concept of credit in regards to making purchases of consumer products and other utilities. McNamara worked to bring about the Diners Club cards which helped many people to avail meals on credit (Gomez, 2008, p.461). Definition and Type of Credit Cards Credit cards emerge as a better substitution for cash through which the consumers can go for purchasing different categories of commodities. Sander (2003) observes in this respect that credit card companies relate different types of products and services with the credit cards. However these companies are largely complained for charging high amount of interests and large amount of fees from the customers. Further, Sander (2003) observes that there are essentially three main different types of credit cards viz. ... In this regard, Bailyn (2007) states that use of credit cards helps in generation of protection to the consumers in regards to purchase of commodities. The consumers can easily return such purchases if availed through credit cards rather than cash. Again the use of credit cards also helps the financial organisations to gain easy access to potential information pertaining to the credit position of the individuals before rendering credit cards (Bailyn, 2007, p.30). Definition and History of Credit Card Frauds Fraud activities have earned a new dimension through the manipulative measures taken with the help of credit cards. Joshi (2006) states in this respect that fraudulent activities concerning misappropriation of financial resources through the use of credit cards constructs the basic premises of credit card fraud. Unauthorized access to accounts through the use of credit card or activities to gain possession of large number of goods and services through adulterated use of credit car ds are examples of credit card fraud (Joshi, 2006, p.40). Enhancement of fraudulent activities pertaining to credit card came into emergence with the development of internet. Montague (2004) observes in this respect that after the period of 1990s the development of internet technology has helped in the progress of electronic commerce. The use of credit cards to conduct such transactions online has led to the growth of hackers to retrieve potential information relating to such cards (Montague, 2004, p.43). Types of Credit Card Frauds With the growth of sophistication in consumerism the use of credit cards has gained huge momentum. Consumers around the world are found to increasingly gain hold of large number of consumer products through the extensive use of plastic