StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Detecting Payment Card Fraud with Neural Networks - Article Example

Cite this document
Summary
The author of the paper "Detecting Payment Card Fraud with Neural Networks" argues in a well-organized manner that the skimming exercise is normally done through the ATM (Automated teller Machine). The criminal installs an electronic device over the card slot of the ATM…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.4% of users find it useful
Detecting Payment Card Fraud with Neural Networks
Read Text Preview

Extract of sample "Detecting Payment Card Fraud with Neural Networks"

The Automated teller Machine is used for reading the magnetic strip of the ATM card; when the user passes the ATM card through the slot, unknowingly. These devices are usually used together with a miniature camera; that is attached to the ATM and is used for reading the pin of the user.

Another ATM skimming technique entails the criminals using a keypad overlay, which is similar to the legitimate ATM keypad, below it. When the customer operates the ATM machine, the fake keypad overlay is pressed, and the fake keypad records and wirelessly transmits key log details of the entered PIN. The device or devices illegally installed on the ATM are also referred to as skimmers (Hassibi, 2010).

Recently installed ATMs have a picture of the genuine slot and keypad. This will effectively enable the consumers to detect attached foreign devices. Consumers should report the detection of foreign devices attached to ATMs to law enforcement officers or financial services providers. Financial regulators must strive to minimize ATM skimming, so as to minimize financial losses and legal suits by affected consumers. This can be done by applying sophisticated algorithms to study the patterns of fraud. Financial services providers must also ensure the physical and technological security of their ATM terminals.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“ATM Skimmers Article Example | Topics and Well Written Essays - 250 words”, n.d.)
Retrieved from https://studentshare.org/finance-accounting/1652792-atm-skimmers
(ATM Skimmers Article Example | Topics and Well Written Essays - 250 Words)
https://studentshare.org/finance-accounting/1652792-atm-skimmers.
“ATM Skimmers Article Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/finance-accounting/1652792-atm-skimmers.
  • Cited: 0 times

CHECK THESE SAMPLES OF Detecting Payment Card Fraud with Neural Networks

Logistic Regression Classifier for the Churn Data

Data mining techniques such as clustering, classification, association algorithms, or artificial neural networks can be used in tracing the fraud detection system.... Nowadays, technology is much developed such that it falls in the hands of hawkers as a bad weapon that can wrongly utilize credit cards, bank accounts, internet banking, and private social networks.... The academic paper published in 2010 or later discussing a real-life application of data mining or credit scoring is A comprehensive survey of data mining-based fraud detection research....
10 Pages (2500 words) Coursework

Foundation of Data Mining

Some of the other uses include market segmentation, customer churn, fraud detection, direct marketing, interacting marketing, marketing basket analysis, and trend analysis Data mining tools are vital because they have significantly reduced the time taken in answering business questions, which were traditionally too time-consuming to analyze....
5 Pages (1250 words) Research Paper

Personal Identity Theft

The objective of paper "Personal Identity Theft" is to come up with a sensitization framework of educating the public on identity theft and to establish ways of preventing the crime.... To achieve this, this paper will give a background of the crime, articulating the forms in which it could be executed....
44 Pages (11000 words) Dissertation

Security risks to on-line banking and e-commerce

Even though, many online-businesses have nowadays implemented strong technologies that monitor their networks against suspicious activities but this does not guarantee that hackers will not succeed and most of the times, it is too late to know as heavy damage has already been done.... uch cyber-crimes are always going to exist, as long as companies and people continue to exchange valuable data over the Internet, theft and other forms of online fraud will proceed to grow....
46 Pages (11500 words) Coursework

Financial Information System - Chip and Pin Cards

The Chip and PIN system has not just made it safer and easier for the consumers to transact, but it has also resulted in a huge reduction in the rate of fraud and misuse of credit and debit cards.... The enhanced security and reduction of chances of fraud have started making the consumers accept it as the new means of transaction.... he implementation in 2005 reduced the rate of fraud by 13% saving £65 million to the banks.... As the paper "Financial Information System - Chip and Pin Cards" tells, the card companies have started shifting to the Chip and PIN as a payment method after thorough research of its consequences and potential benefits to its users, operating companies, banks, and card agencies....
18 Pages (4500 words) Coursework

Security - Network Design

This requires networks to connect various information centres for transfer of this information.... Any misuse or fraud will render the owner of the.... This Data is often sensitive, personal, private and valuable in financial terms.... ... ... Network security has assumed paramount proportions as intrusions are on the rise, whether accidental or malicious, and the research problem raised in the paper are to investigate the preventive methods in this Literature Review reveals that there is more to security than just putting up defences....
54 Pages (13500 words) Essay

Security Risks to On-line Banking and E-commerce

From this paper, it is clear that many online-businesses have nowadays implemented strong technologies that monitor their networks against suspicious activities but this does not guarantee that hackers will not succeed and most of the times, it is too late to know as heavy damage has already been done.... Even though many online-businesses have nowadays implemented strong technologies that monitor their networks against suspicious activities but this does not guarantee that hackers will not succeed and most of the times, it is too late to know as heavy damage has already been done....
41 Pages (10250 words) Essay

Cyberspace Policy

The paper "Cyberspace Policy" presents that in recent times, almost all business and personal operations are dependent on computers and technology.... With the innovation of the internet and another high level of computer programming, each and every organization is now dependent on a computer programs....
11 Pages (2750 words) Term Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us