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The author also provides a critical review of what initiatives are being taken to prevent credit card fraud citing the pros and cons of each, but also notes that the problem is complex and the situation remains dynamic.
Scott, R. (2007). Credit card use and abuse: A Veblenian analysis. Journal of Economic Issues, 41(2), 567-569. In this study, Scott provides a comprehensive history of the credit card and how its use exploded over the last 20 years and notes that the average American household has eight credit cards in it, and these cards are used to charge almost $2 trillion in purchases of goods and services each year. To help explain the meteoric growth in credit card use, Scott uses the neoclassical consumption theory to show how consumers can use credit cards inappropriately in ways that contribute to the incidence of credit card fraud. Furthermore, it requires some time for studies to make their way into the peer-reviewed literature. Because the online environment in which these initiatives are taking place continues to evolve, the relevance of such peer-reviewed studies will be limited.
A comparison of these two articles reveals some fundamental differences in reporting strategies, with Valentine using a strictly pragmatic analysis of what is happening to banks and what they have been doing about it in terms of credit card fraud. By contrast, the analysis presented by Scott is theoretical in nature, but both journal articles provide some useful insights into what is taking place in the credit card industry today in terms of fraudulent activity and some of the reasons contributing to its increase in recent years.
List of Databases, Reference Tools and Other Sources
Reliable online research sources such as EBSCO, Questia, and university-sponsored databases;
Governmental resources such as Federal Bureau of Investigation's Web site, the Federal Reserve Bank;
Organizational Web sites such as Citibank, Chase, and others.
References
About Citigroup. (2008). Citigroup. [Online]. Available: https://www.citicards.com/cards/wv/detail.do?screenID=612.
Identity theft solutions. (2008). Citigroup. [Online]. Available: https://www.citicards.com/cards/wv/detail.do?screenID=700#InternetSecuritySpecialists.
Internet fraud. (2008). Federal Bureau of Investigation. [Online]. Available: http://www.fbi.gov/majcases/fraud/internetschemes.htm.
Scott, R. (2007). Credit card use and abuse: A Veblenian analysis. Journal of Economic Issues, 41(2), 567-569.
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