Secret Service to Help Credit Card Fraud: Techniques to Resemble Anticounterfeiting Probes

By Weinstein, Michael | American Banker, August 1, 1984 | Go to article overview

Secret Service to Help Credit Card Fraud: Techniques to Resemble Anticounterfeiting Probes


Weinstein, Michael, American Banker


NEW YORK -- The U.S. Secret Service is planning to undertake a "major effort" to fight credit card fraud, a Secret Service fraud expert said.

The agency's tactics will include the formation of centralized computer files on fraudulent card-related activities, said Gordon K. May, assistant special agent in charge of the fraud and forgery division at the Secret Service.

Mr. May said the Secret Service decided to tackle card fraud at the request of the banking industry, which has been suffering mounting losses. Card fraud now costs the industry more than $150 million a year, according to statistics from Visa and MasterCard.

Bankers have also been lobbying in Congress for credit card fraud legislation. Both houses have already approved different card fraud bills, and Mr. May expects a final version to pass in September or October.

Such legislation would bring a broader range of card fraud under federal jurisdiction, enabling the Secret Service to move into the area, said Mr. May, who spoke last week at the annual meeting of Eastern States Monetary Services Inc., a Lake Success, N.Y., bank card processor.

Federal resources, he said, should boost the antifraud efforts of local law enforcement agencies.

The Secret Service intends to serve as a clearing house for card fraud information, Mr. May said. The agency will establish a data base listing all known counterfeit cards and fingerprints of people involved in credit card fraud.

The agency will then compare newly discovered counterfeit cards with known counterfeits in its files. Since the files will include the identity of the counterfeiter of each card, a card with similar characteristics will point to the same counterfeiter as the culprit, Mr. May explained.

Visual indicators used by investigators to compare counterfeit cards include ink colors, similar embossing flaws, and the plastic composition of the phony cards.

The Secret Service uses a similar technique -- of comparing known counterfeits with new ones -- to identify currency forgers, Mr. May said. Task Force in Miami

The agency has already begun working on several card fraud cases. In Miami, a task force including Secret Service agents, local authorities, and bankers tackled a card fraud case last December. In a matter of months, the task force made 31 arrests, dismantled five separate rings, and seized a range of paraphernalia, including 650 completed counterfeit cards, Mr. May said.

Local officials estimated that the task force's actions saved the banking industry $2. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Secret Service to Help Credit Card Fraud: Techniques to Resemble Anticounterfeiting Probes
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.