The Payment Card Fraud: Current Realities and Prevention Measures

Abstract

The active development of payment systems and the advent of electronic money have led to increased demand for the use of payment cards for financial transactions. This helps to reduce the «shadow economy». The article considers the dynamics of volumes of operations with payment cards. Some world countries have this figure approaching 90%. According to the results of the analysis it was defined that the most common transaction with payment cards in Ukraine is cash withdrawal. One of the motives to keep money in cash is a high level of fraud with payment cards. The most common types of crimes connected with payment cards are skimming, trapping, fishing and IVR fraud. In order to change the situation, it is necessary to spread public information about non-disclosure of private financial data, along with strengthening the quality standards of securing the data of the payment cards issued by the national banks in accordance with the PCI DSS requirements.

Keywords

• payment card
• payment system
• payment card fraud