Glossary of fraud terms
|
3D Secure is an XML-based protocol used as an added layer of security for online credit and debit card transactions.
Advance-fee fraud is a confidence trick in which an individual is persuaded to advance sums of money in the hope of obtaining a significantly larger gain. Address Verification System - AVS is a system used to verify the identity of the individuals claiming to own the credit card. The system will check the billing address of the credit card provided by the user with the address on file at the credit card company. Account takeover is one of the more common forms of identity theft. It occurs when a fraudster obtains an individual's personal information (account number and social security number usually suffice), and changes the official mailing address with that individual's financial institution. Application Fraud Applications containing material falsehoods or false supporting documentation, when the name used has not been identified as false. Bait-and-switch is where the party putting forth the fraud lures in customers by advertising a product or service at a low price or with many features, then reveals to potential customers that the advertised product is not available at the original price or the list of described features is different. Bankruptcy fraud varies across jurisdictions, common criminal acts under bankruptcy legislation involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, and fee fixing or redistribution arrangements. BIN short for Bank Identity Number, it is the primary account number found on credit cards and bank cards. Bust out fraud where a company is run as a vehicle for committing a fraud and fleeing before detection. Before the fraud is discovered the officers of the company will have folded the company. CNP short for Cardholder Not Present. Chargeback occurs with the return of funds to a consumer, forcibly initiated by the consumer's bank. Specifically, it is the reversal of a prior outbound transfer of funds from a consumer's bank account, line of credit, or credit card. Chip and pin is a UK government-backed initiative to implement the EMV (short for Europay, Mastercard and Visa) standard for smart payment cards. The name of this initiative stems from the presence of a semiconductor chip and associated circuitry in the smart card, which is used in tandem with a PIN (personal identification number). Click fraud is a type of internet crime that occurs in pay per click online advertising when a person, automated script or computer program imitates a legitimate user of a web browser clicking on an ad, for the purpose of generating a charge per click without having actual interest in the target of the ad's link. Counterfeiting where an imitation is made with the intent of fraudulently passing it off as genuine goods. Craigslist fraud (US) or Gumtree (UK) well know classified websites have been plagued with scammers using advance-fee fraud and similar techniques to con people out of their money. Sometimes many scammers contact a person who is either attempting to buy or sell items on Craigslist or Gumtree, and attempt to perpetrate exactly the same scam. CVV2 is the 3 digits printed on Visa or MasterCard in the signature panel on the back of the card. It is the last 3 digits after the credit card number. Sometimes only the last 4 digits of your credit card number will be printed before the CVV2 code instead of the entire credit card number. Fraud is an intentional deception made for personal gain or to damage another individual. Identity theft is a form of fraud or cheating of another person's identity in which someone pretends to be someone else by assuming that person's identity, typically in order to access resources or obtain credit and other benefits in that person's name. Keystroke logging is the action of logging the keys struck on a keyboard, typically in a covert manner so that the person using the keyboard is unaware that their actions are being monitored. Long firm fraud where a trading company set up for fraudulent purposes; the basic operation is to run the company as an apparently legitimate business, gradually extending the amount of cash advances from customers at the same time as increasing the amount of credit from suppliers; when the pot is large enough, the fraudsters flee with customers' money and suppliers' goods. The procedure needs a certain amount of money to set up, often the proceeds from another crime or a previous long firm. Malware is software designed to cause harm to the victim where it is installed; such as stealing identity information, releasing viruses or worms, or presenting ads. MasterCard SecureCode is a simple and secure way to pay at thousands of online stores. A private code known only to you and your bank, your SecureCode enhances your existing MasterCard account by protecting you against unauthorized use of your card when shopping online at participating online retailers. Money laundering is the practice of engaging in transactions to conceal the identity, source, and/or destination of illegally gained money or goods. It is common to refer to money legally obtained as "clean", and money illegally obtained as "dirty". Nigerian Letter (also called the 419 fraud, Nigerian scam, Nigerian bank scam, or Nigerian money offer, where an unsolicited fax, email, or letter often concerning Nigeria or another African nation containing either a money laundering or other illegal proposal OR you may receive a legal and legitimate business proposal by normal means. At some point, the victim is asked to pay up front an advance fee of some sort, or to extend credit, grant COD privileges, send back "change" on an overage cashier's check or money order. Phishing is the act of sending an email that is designed to trick the recipient into believing that it is from an established legitimate business, in an attempt to scam the recipient into providing personal information that will be used for identity theft. Verified by Visa is a simple, password-protected identity-checking service that takes the risk out of online shopping for you and your customers. |
|
Airline fraud :
Apartment & villa fraud :
Call centre fraud :
Credit card fraud :
Cruise fraud :
E-mail fraud :
Event fraud :
Fraud convictions :
Fraud prevention :
Fraudsters in court :
Fraud regulation :
Fraud stats :
Hajj fraud :
Hotel fraud :
Identity theft :
Insurance fraud :
Online scams :
Other fraud
Ticket fraud :
Timeshare fraud :
Transport fraud :
Travel agent fraud
Fraud prevention advice for businesses : Fraud prevention advice for consumers : About Prevention of fraud in travel National Fraud Intelligence Bureau : Operation Sterling : Report a fraud : Report a scam : Action fraud ABTA : BA : CAA : Davenport Lyons : Hays Travel : Global Travel Group : Metropolitan Police : Teletext Holidays : The Co Op : TTA Prevention of Fraud in Travel - PROFiT - Copyright 2012 - designed by PROFiT Alliance
|