Credit Card Fraud: Hearing Before the Subcommittee on Consumer Affairs of the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-eighth Congress, First Session, on Issues Caused by Rising Credit Card Fraud, to Determine Whether the Truth-in-Lending Act and the Electronic Fund Transfer Act Adequately Protect Consumers and Institutions from Fraud and Abuse, and to Consider Potential Legislative Remedies, May 18, 1983 |
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... Credit Card aud . Prepared statement 16 11 11 12 13 18 20 22 25 25 Industry efforts Need for legislation . Safeguarding the account number Conclusion . Appendix A - Credit card industry total fraud losses the Electronic Fund Transfer ...
... Credit Card aud . Prepared statement 16 11 11 12 13 18 20 22 25 25 Industry efforts Need for legislation . Safeguarding the account number Conclusion . Appendix A - Credit card industry total fraud losses the Electronic Fund Transfer ...
Page 1
... Credit card fraud , which can take many different forms , is grow- I rapidly and now exceeds $ 1 billion a year . One form of fraud volves counterfeiting . Losses due to counterfeiting in the world- de credit industry were estimated at ...
... Credit card fraud , which can take many different forms , is grow- I rapidly and now exceeds $ 1 billion a year . One form of fraud volves counterfeiting . Losses due to counterfeiting in the world- de credit industry were estimated at ...
Page 3
... Credit Card Fraud, to Determine Whether the Truth-in-Lendin United States ... credit card holder lists and account › ers . addition , because we are ... industry representatives on this issue since July 1982 . us , we are aware ...
... Credit Card Fraud, to Determine Whether the Truth-in-Lendin United States ... credit card holder lists and account › ers . addition , because we are ... industry representatives on this issue since July 1982 . us , we are aware ...
Page 4
... credit card fraud is tradi- tionally an area handled on a local basis . These problems , do not , however , mandate a wholesale revision as contemplated in draft bills we have seen prepared by the banking and credit card - industry ...
... credit card fraud is tradi- tionally an area handled on a local basis . These problems , do not , however , mandate a wholesale revision as contemplated in draft bills we have seen prepared by the banking and credit card - industry ...
Page 6
... credit card industry in the late sixties led to a corresponding growth in credit card fraud along with an increase in our investigative activity in this area . In addition to responding to the industry's problems through an aggressive ...
... credit card industry in the late sixties led to a corresponding growth in credit card fraud along with an increase in our investigative activity in this area . In addition to responding to the industry's problems through an aggressive ...
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Common terms and phrases
abuse account information affecting a financial amended American Bankers Association aspect thereof bill cardholder CONGRESS THE LIBRARY constituent constituted interstate consumer reporting agencies cost counterfeit cards credit bureaus credit card account credit card fraud credit card industry credit card numbers credit grantors credit reporting debit cards debit instrument dollar losses efforts Electronic Fund Transfer embossed enator FCRA financial institution Florida foreign commerce fraud losses fraudulent intent fraudulent payment device Fund Transfer Act identify imprisoned increase institution or interstate instrumentality of interstate interstate or foreign investigation issue KNAPP law enforcement legislation legitimate business purpose LIBRARY OF CONGRESS Madam Chairman mail fraud MasterCard International merchants million misuse NELSON obtained operation organized crime percent perpetrated person Postal problem prosecution purchases retail scheme Senator D'AMATO Senator DODD Senator HAWKINS Senator PROXMIRE statement stolen cards Subcommittee Title 18 transaction affecting Truth-in-Lending Act unlawful or fraudulent Visa International white plastic
Popular passages
Page 117 - commitment, or loan, or any change or extension of any of the same, by renewal, deferment of action or otherwise, or the acceptance, release, or substitution of security therefor, shall be fined not more than $5,000 or imprisoned not more than two years,
Page 78 - commitment, or loan, or any change or extension of any of the same, by renewal, deferment of action or otherwise, or the acceptance, release, or substitution of security therefor, shall be fined not more than $5,000 or imprisoned, not more than two years,
Page 77 - Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way the action of any
Page 116 - knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way the action of any
Page 68 - payment device" means any card, plate, code, account number, or other means of account access that can be used, alone or in conjunction with another payment device, to obtain money, goods, services, or any other thing of value, or
Page 69 - deposits or accounts insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or the National Credit Union Administration.
Page 5 - to the Right to Financial Privacy Act of 1978, 12 USC 3401, et seq. That statute impedes Federal law enforcement efforts directed at crimes against financial institutions [which term
Page 107 - that can be used, alone or in conjunction with another payment device, to obtain money, goods, services, or any other thing of value, or
Page 141 - (c)onsumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers.
Page 117 - shall be fined not more than $20,000 or imprisoned not more than 20 years, or both.