EXTENDED ESSAY

EXTENDED ESSAY - EXTENDED ESSAY 1ST ROUGH DRAFT RESEARCH...

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EXTENDED ESSAY – 1 ST ROUGH DRAFT RESEARCH QUESTION :- What are the different ways of carrying out the credit card fraud? How will you prevent them? How such frauds have an impact on our society? ABSTRACT :- In my Extended Essay, I will be mentioning about the credit card fraud taking place in various parts of the World. I am going to initially describe what a credit card is, what are the advantages of it and what makes each credit card so unique that they are different from other credit cards. I am going to describe how the credit card system works – technical methodology behind the working of a credit card. Also how important the most unique part of the credit card can be tampered by any person. Different ways of fraud taking place.
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Also I will give some examples of frauds taken place in the past. Describe some software which can generate credit card numbers from which you can misuse them on items like air tickets, electronic items etc. INTRODUCTION :- What is a credit card? A credit card is a special kind of a card used as a mode of payment on a large scale. It is been used world- wide by people to purchase commodities in malls and departmental stores. Also these cards are been widely used to purchase items online like airline tickets, electronic items etc. In foreign countries, taxi fares are been paid by credit cards. A credit card is different from the other kind of cards like debit cards and ATM cards. In the above mentioned different type of cards, the consumer has to pay certain amount to the bank and every time he/she uses the card, the equivalent amount will be deduced from his/her account. But in the case of a credit card, the card issuer gives the consumer the credit of the equivalent amount spent by the consumer and at the end of every month supported by a statement from the bank, the consumer has to pay the card issuer or the bank the equivalent amount in addition of a certain amount of interest at a specific rate which is decided at the time of issuing of the card. But the consumer is given a credit limit which he can’t exceed. So he cannot use the card for unlimited credits. It becomes very easy for the consumers to purchase expensive commodities without carrying loads of money with them but instead they can just keep a small card and purchase commodities worth thousands of rupees. It also can be used as a identification card by embossing your picture on it. Credit Card companies also offer this facility to you so that at a case of credit card robbery, the merchant will verify the picture on the card and then carry out the transactions.
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A typical credit card WORKING OF A CREDIT CARD :- In a credit card, there are 3 different characterstics which makes every credit card different from each other. They are : Magnetic Strip 16 digit card
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i) The magnetic strip: This strip is often called a Magstripe. It is
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This note was uploaded on 10/14/2011 for the course CSE 101 taught by Professor Sudarshan during the Fall '08 term at IIT Bombay.

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EXTENDED ESSAY - EXTENDED ESSAY 1ST ROUGH DRAFT RESEARCH...

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