LYCOS RETRIEVER 
Credit Card Fraud: Transactions
built 647 days ago
"Credit card and electronic transaction fraud are diverting billions of dollars from commercial and Federal institutions. The need to stop this is clear," said Chris Alexander, chairman and CEO, Hypercom Corporation. "This new technology will help government agencies and corporations reduce fraud, quickly, securely, and affordably. First Data and Hypercom are both recognized as leaders in reducing fraud, and this is the next step."
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Ogden explained: "Security of personal data and credit card fraud remains at the forefront of people's minds. Voice Pay hands power and control of the transaction to the consumer, who for the first time can digitally sign every transaction using their voice and benefit from a guarantee."
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The FTC showed that the defendants used at least five different merchant accounts and four fictitious business names to process over $40 million in credit and debit card transactions. The timing of each new merchant account application coincided with the impending threat of being placed on VISA USA's "active monitoring" list for excessive "chargebacks" -- amounts debited to cards but disputed by the consumers who were charged. By submitting the charges and debits for processing, the defendants represented to the merchant banks that they had obtained authorization from the cardholders for the charges and debits. But thousands of consumers who were charged said they did not incur the charges and, according to U. S. District Court Judge Audrey B. Collins, "A shocking 40% to 50% of the calls received by the defendants were from people who said they did not have a computer and had not given their card numbers to anyone." Judge Collins concluded "[T]he only reasonable inference the Court can draw from the corporate defendants' access to the Charter Pacific Positive Database and the time of the defendants' fraudulent billing practices is that the defendants stole and processed Visa and MasterCard numbers from the database."
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It's the unfortunate side effect of credit card issuers' fraud monitoring programs. Credit card issuers regularly track their cardholders' purchasing habits and anything out of the ordinary can spark a temporary suspension of transactions. While no one disputes the good that comes from preventing fraudulent transactions, false positives do occur, preventing cardholders' legitimate transactions.
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All credit card users are potential victims of credit card fraud. A thief does not have to steal your credit card or rifle through your trash to get account numbers. Any time you use your credit card you are making your account number available to everyone who is involved in the transaction, from the sales clerk to the billing staff of the creditor.
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The advent of the Internet has made credit card fraud easier to promulgate. The absence of having a customer in front of you, face-to-face, is one obvious problem. But even with retail transactions, the swiping of the card and a resulting authorization merely means the card has not expired and has not been reported as stolen.
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