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Comparison Of Reliability: Credit Cards And Cyber Crime

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Reliability: Credit Cards and Cyber crime

I. Reliability of Critical Program systems (Garrett)

The invention of the first microprocessor, data security and reliability of critical program software has been imperative to the security and functionality of several of the most key infrastructure systems. The world's power grids, defense systems, as well as many other important infrastructures that billions of people rely on to work correctly are entrusted to software engineers to design and implement so that the systems operate reliably and indefinitely. Such a task requires planning and error prevention mechanisms that can maintain a system throughout any eventual threat.

An example of critical failures in an infrastructure system was the …show more content…

Early development of computer viruses and spyware were perceived as a form of vandalism causing computers to run slow and did not trigger the need for law enforcement and industries to spend resources on cyber security. Hackers who possess special skills unknown to the majority of society decided to use those skills to victimize large groups of the world population such as credit card holders. Cybercrime has many advantages over other forms of crime, one advantage, in particular, is the dramatic difference between the risk of losses and return of investment due to the size of the internet market. The causes of cybercrime are tied to its advantages as described …show more content…

The first category is called, "Card, not present Fraud." This type of fraud accounts for $7.2 billion worth of breaches. Since over the phone and online shopping has become such a huge trend, this is the largest category of fraud being currently used. The second largest category is, "Application fraud." This is made up of about $2.1 billion of the overall amount stolen through credit card security failures. Application Fraud is seen when a hacker breaks into a company's database and takes the personal information of their customers. For example, if someone signed up for a Rewards Program, they open themselves up to being a victim of this type of fraud. The last category, although the smallest, is said to be one that could grow the most in the next several years (Queen). This is "Account Takeover Fraud." Currently accounting for $1 billion in breaches (Overfelt) this type of fraud will continue to develop because of the new EMV technology being used in credit cards now

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