Week 6 Assignment

Business Law

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BUSN420

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DeVry University

Unfortunately with cyber-crime the victim typically has very little information after having their lives turned upside down for weeks, months and in some cases never returning to normal. That was the case that hit very close to home with me. A simple day of going to work was put on hold by a fraudulent airline ticket purchase. Where it was coming from and going to is still not known by the victim but thankfully there was an alert for everything going in and out of Libya. So the damage was minimal but it still wasn’t easy to get everything back in order.

Last year my girlfriend xxxxx woke up to a phone call about a charge that didn’t quite look right. An airline ticket was purchased with a business based in Tripoli, Libya. Because of civil uprisings the United States increased the alert status for that country. That is the only reason why it was caught so quickly.

Since then she has changed to the option that I went with at another bank. I have to let my bank know when I’m taking a vacation or else my debit or credit cards will not work anywhere outside of 300 miles away from where I live. Because I always forget to tell my bank, I’m usually dealing with them on the phone while paying my bill at dinner, but that is a much better alternative to let charges go through and alert me when they can about abnormal activity on my card.

Because we have very little information to work with this situation actually gave me a few ideas to work with and possibly solve a large part of the crime conducted online. The first idea we came up with is having a separate number for virtual transactions. To have a physical number on the card available to use in person there should also be a separate number for online purchases only. That would make it significantly easier to manage the difference between cyber theft and physical theft. Also by doing that it limits physically stolen cards to be used behind the anonymity of the internet.

The next idea I thought of is having a dual pin capability on these cards. Businesses lose money on crime just as much if not more than the victims. They have to spend the money to track down and prosecute after reimbursing the insured customers. With the dual pin technology idea when a card is stolen and they use a second pin number it could automatically alert the bank that it is an illegal transaction so they can start gathering evidence and alert the authorities of the updated locations of these criminals. The best part about the dual pin technology idea is the possible lives it can save. There has been so many people abducted and forced to empty their accounts at ATMs and possibly losing their lives after being robbed. By having that second pin to immediately alert the banks of illegal activity and with quick response will possibly save the lives of thousands of people.

Because we have no idea how xxxxxxx card information was stolen I can only speculate on how the information was received. But with these ideas it would have made it much more difficult for that stolen information to be used and cost the bank thousands of dollars. On the upside, attention was directed towards an international criminal and we can only hope he was caught and convicted.