By external fraud is a term used to describe fraudulent activity, usually involving money, fraudulently obtained funds, or the failure of government to identify fraud.
In April 2015, the Federal Trade Commission found that a group called “external fraud” was targeting the credit card industry. The FTC has since filed charges against the group, which we can only assume was responsible for the massive data breach that the credit card companies have suffered. These charges may go on to get a judge to sign off on a permanent ban on the group’s fraudulent activities.
The FTC also found “external fraud” in the early stages of the credit card data breach. In this case, the FTC accused the credit card companies of improperly handling the information stolen from the company’s payment processors. The FTC was worried that the companies were not able to identify the fraudster in order to stop the fraudsters. The credit card companies quickly began using algorithms to scan the stolen information for patterns that might indicate a fraudster.
An internal investigation revealed a number of other fraudsters were receiving credit cards and other financial instruments. With this in mind, the FTC decided to focus on fraudster’s and fraudster’s financial and credit card companies. It was a start. This is a good thing for the FTC as it provides a safe haven for the fraudulent players to get a foothold in the financial industry.
It’s also good for consumers because it will make it much easier for fraudsters to find places to steal from us.
The good part about this new FTC action is that it will allow fraudsters to go after these big banks and credit card companies that have been involved in a number of scams and frauds over the past decade or so. A lot of these scams were originally perpetrated by Russian and other Eastern European fraudsters. As a result, the new FTC action will force these companies to take a hard look at their security systems and anti-fraud efforts or face a new wave of fraudulent activity.
This is the least of their problems though, because the FTC’s new action is also a lot more wide-reaching than the banks and credit card companies. The FTC and their attorneys have been investigating how banks and credit card companies process security codes and anti-fraud programs, and what they have discovered is that it’s all too easy for scammers to get hold of these systems and steal your information.
Banks and credit card companies are now under an increased amount of scrutiny for both how they use security codes and what they do with them. The companies are going to be given more time to prove that they are not getting fraudulent activity because they want to get the game out the door faster.
One way to do that is by making sure that you don’t use the same security codes for every transaction. This can be done by adding a “signature” section to the card itself, however this could be a very cumbersome process.
So what you have to do is ask your bank to make a change on your credit card account. If you are going to make that request, you can do so on their website, which is what we did. We went to their website, found the change, and then took it to our credit card company.
