 Financial Fraud and Credit Cards Offences
|
The idea of electronic payment cards is based on the principle that the bank issuing such cards guarantees the payment of the value of the purchases made by the card holders to the merchants. Thus after obtaining the receipts indicating the value of the purchases signed by the card holders from the said merchants the bank deducts such value from the account of the card. Then, the bank reimburses such value from its agent; the card holder.
Of the most famous financial institutions issuing such cards:
- Visa International
- Master Card International
- American Express
- Dinners Club International
- Japanese JCB Corporation
|
Despite the security features included in such cards to ensure its validity, the follow up revealed the existence of some counterfeit or stolen cards that were used to purchase items, products or services and exploited in fraud operations.
|
| Those cards include several security features, such as letters, embossed fine numbers, microprinting, magnetic tapes, the three-dimension “Hologram” marks and the secured printing that shows the card carrier photo under the ultraviolet rays. |
|
|