Detecting Credit Fraud in E-Business System: An Information Security Perspective on the Banking Sector in UK

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Author(s): Md Delwar Hussain Mahdi (Applied Research Centre for Business and Information Technology (ARCBIT), UK)and Karim Mohammed Rezaul (Centre for Applied Internet Research (CAIR), Glyndwr University, UK)
Copyright: 2012
Pages: 23
Source title: Strategic and Practical Approaches for Information Security Governance: Technologies and Applied Solutions
Source Author(s)/Editor(s): Manish Gupta (State University of New York at Buffalo, USA), John Walp (M&T Bank Corporation, USA)and Raj Sharman (State University of New York, USA)
DOI: 10.4018/978-1-4666-0197-0.ch020

Keywords: Information Science Reference / Information Security & Privacy / IT Security and Ethics / Security & Forensics

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Abstract

Credit fraud (also known as credit card fraud) in e-business is a growing concern, especially in the banking sector. E-business has been established mainly on the platform of Internet system. With the evolution of electronic technologies, a faster e-transaction has been made possible by the Internet. It has been noticed that Internet fraud or e-business fraud is increasing with the increase of e-transaction. A few sorts of card (debit or credit) fraud are decreasing by the banks and the government providing detection and prevention systems. But Card-not-Present fraud losses are increasing at higher rate. In online transactions, it is obvious that there is no chance to use Chip and Pin, and also no chance to use card face-to-face. Card-not-Present fraud losses are growing in an unprotected and undetected way. This chapter seeks to investigate the current debate regarding the credit fraud and vulnerabilities in online banking and to study some possible remedial actions to detect and prevent credit fraud. A comprehensive study of online banking and e-business has been undertaken with a special focus on credit fraud detection. This research reveals a lot of channels of credit fraud that are increasing day by day. These kinds of fraud are the main barrier of promoting e-business in the banking sector.

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Detecting Credit Fraud in E-Business System: An Information Security Perspective on the Banking Sector in UK

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