Credit Card Fraud Should Be A Federal Offense - 1120 Words

Abstract Credit card fraud is a federal offense and can get an offender up to 20 years in prison depending on the severity of the situation. Should it be a federal offense? Credit card fraud is becoming more and more relevant especially in the United States , matter of fact it increased by 16% in 2016 alone. This is a serious problem in today s society. The hypothesis that s being examined in this paper is that credit card fraud should be a federal offense. This has become a relevant topic due to the increased number of teens becoming â€Å"scammers† (credit card fraud offenders). The methods that will be used to address the topic are credit card statistics, graphs, and data charts. The key findings of this paper is that 47% of the†¦show more content†¦There are many more flaws in magnetic strip transactions than imprinted numbers. ‘’Founded in 1994 the EMV referred to Europay, MasterCard, and Visa, who together provided better card security.’’ (www.thebreif.com) Currently credit card fraud has been at an all time high in the years 2016 and 2017. This activity has skyrocketed since young teens and young adults have the idea of targeting adults and senior citizens, and using someone s information to buy whatever the scammer desires. â€Å"The U.S. is responsible for 47% of the world’s fraud despite only accounting for 24% of total worldwide card volume.’’ (www.nasdaq.com) Credit card fraud has been a big problem, although through new security implementations such as chips and pin systems, the level of security associated with cards has improved. In the future credit card fraud may come to a stop, or at least slow down significantly. With this new security being implemented and new legislation laws credit card offenders may finally be brought to justice. Problem Statement Allen 5 Credit card fraud has become more and more popular in the last two years. Some people make money off of selling cards and other people social security number. There are many vendors that let people use more than one card if the first card declines, if the card declines period the vendor is supposed to confiscate it or followShow MoreRelatedEssay on Identity Theft895 Words   |  4 Pagesways in which your identity is stolen and ways which you can safeguard yourself from being victimized. I will also report what the Department of Justice is doing and the penalties associated with these crimes. nbsp;nbsp;nbsp;nbsp;nbsp;Identity fraud is use of a persons name, social security number or other personal identifying information. Once armed with this information the thief can open accounts and rack up huge debts for goods and services. 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