Credit card fraud is at its worst in the present century, with scammers conspiring some of the most intricate conning techniques that are now providing to be a real challenge to companies dealing in cyber security.
Federal laws have been enacted to nab these criminals and bring them under the ambit of prosecution. But proactive measures will include creating a culture of awareness, diligence and presence of mind. Many government as well as private organizations and online forums have taken upon the responsibility to take all measures to ensure that people are not victimized by unscrupulous elements.
A few of them and their roles have been explained which will be very useful for general public to breathe easy and understand that help in around.
The UK Card Association
This is the trade body that represents card issuing financial organizations in the UK. Among its varied goals and missions is to represent, protect and promote the interests of its member organizations, one significant arm of effort is towards protecting the integrity of transactions made by credit cards. Some of the measures include:
- In conjunction with Financial Fraud Action UK (FFA UK), the organization continues its crackdown on credit card fraud
- Bringing about industry-level collaboration to prevent and control credit card fraud
- The Industry Strategic Threat Management scheme which keeps the community updated on the threat network
- Through the Financial Fraud Bureau, intelligence services are extended to the Police as well as other agencies.
Action Fraud UK
This is a wing of the Government that acts as a national fraud and crime reporting center. It also includes tackling credit card fraud. It undertakes various stringent measures to bring down the instances of credit card fraud as under:
- The Economic Crime Victim Care Unit (ECVCU) acts as a network offering intellectual support from a team of specialist advocates, to victims of financial fraud
- Vital referrals and links are provided to appropriate organizations or legal bodies for speediest resolution of crimes and credit card fraud
- In collaboration with Victim Support, Action Fraud offers unqualified support to people who have been victimized by financial scammers. The Victim’s code extends support services to vulnerable people like the mentally challenged who are easily prone to cyber crimes
- Special services to businesses that are commonly affected a lot from transacting online, including credit card fraud. It urges SMEs to improve the quality of information they possess on their employees, vendors, customers and the macro-environment.
This is an initiative of the Home Ministry, UK which is committed to combating various occurrences of financial fraud. It provides informatory services to individuals, businesses and institutions to insulate themselves from credit card fraud, by:
- Creating awareness on cyber essentials
- Protecting sensitive information and quality of passwords
- Data protection machinery, which includes extensive data safety for businesses, especially with regards to customers, employees as well as financial records, which are often misused in credit card fraud.
These organizations act as watch dogs in the case of financial irregularities. They also undertake extensive research and development for evolving modern and scientific techniques that can make credit card transaction safe and spam free.