Finance and Credit

Risks inherent in payment systems: Fraud in the world of bank cards

Vol. 24, Iss. 6, JUNE 2018

Received: 30 March 2018

Received in revised form: 13 April 2018

Accepted: 27 April 2018

Available online: 30 June 2018

Subject Heading: Banking

JEL Classification: E41, G21

Pages: 1280—1291

Grishina E.A. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation

Importance Developing digital technology necessitates protection against cyber fraud. The article addresses relevant risks arising for both cardholders and banks.
Objectives The aim is to consider major risks inherent in payment systems on the case of fraudulent schemes with bank cards.
Methods The study draws on functional-structural and systems approaches, methods of scientific abstraction, economic-statistical and comparative analysis, financial analysis, expert evaluation, logical and graphical techniques.
Results The study unveils and describes major fraudulent schemes with bank cards, analyzes trends in issued bank cards for recent 5 years and outlines a tendency towards bank card settlements. Based on the findings, I distinguish methods of protection against the said fraud and describe alleged criminals committing this type of cybercrimes.
Conclusions and Relevance Bank card settlements are becoming more widespread. However, there are instances when bank cards are used for fraudulent activities. Monitoring the fraudulent schemes of cybercrimes enabled to describe the offender in these forms of fraud.

Keywords: payment system, fraudulent scheme, carding, phishing, social engineering


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