CAS100B Preparation Outline (1)
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School
Pennsylvania State University *
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Course
100B
Subject
Communications
Date
Apr 3, 2024
Type
docx
Pages
4
Uploaded by MinisterMetalButterfly56
Eldina Kovacevic
CAS100B Speech Outline Assignment
Introduction
I.
Hook:
5 people were arrested in an inn in Georgia for credit card fraud. Police recovered 230
credit cards and 260 gift cards, where none of the credit cards belonged to the people
arrested. The group was caught after someone tried to use one of those cards to pay for
the hotel.
II.
Relevance:
Unfortunately, those 230 people who were affected are just a small part of a larger
problem we face today. According to the Federal Trade Commission, credit card fraud
and bank fraud make up a whopping 55.5% of the top five types of identify theft. III.
Thesis:
The increase of digital banking has contributed to the rise in cyber-crimes and online
fraud.
IV.
Preview:
Body
I.
Why is digital banking so popular?
A.
Fast bill payment
1.
Paying bills is easier with digital banking.
2.
Banks/companies offer online services to pay your bills from anywhere.
The process entails you to link your financial institution either by card
number or account number. The need to have checks available and worry
about it arriving on time is gone. You can set up automatic payments from
your bank or directly on the company’s website. Some institutions benefit
by charging fees to pay online. 3.
Making online payments also opens the path for paying for goods online
and having other abilities like depositing your checks directly to your
banks.
B.
Lower need to visit banks or stores.
1.
Digital banking has lowered the need to go to a bank or a store.
2.
U.S. ecommerce sales passed $271.7 billion in the last quarter of 2023
and accounted for more than one fifth of total retail sales.
3.
There has been an increase in access to goods through digital means
since the pandemic. 4.
People are now able to order their groceries/goods directly from the store
and have it delivered to their home by paying either a shipping fee or a
delivery fee. 5.
Banks have options to upload a check directly into your account. Banks
have also made it possible to withdraw money from ATMs without
physically having to visit your bank. You can withdraw money from a gas
station or a store.
6.
The ease of paying for goods digitally is also supported by having digital
cash.
C.
Digital cash is easier to handle.
1.
Digital cash is available through your phone in different ways.
2.
Tools like Apple Pay allow you to keep your card information in your
phone and simply present your phone when you are ready to pay.
3.
This lowers the need to carry a physical card around and provides back
up if you forget to bring your wallet to a store.
4.
You can pay for goods online as well by entering your card information or
using tools like Apple pay.
D.
Transition
: With so many options to bank digitally, the risk increases of online fraud
because of certain vulnerabilities when using digital banking. II.
Cyber crimes and online fraud have increased due to advances in digital banks.
A.
More personal financial information is exposed.
1.
With the increase of mobile-banking usage, mobile fraud incidents were
reported at an alarming rate of 61% in 2023.
2.
The leading fraud type in North America has been fraud in deposit
accounts showing as high as one million cases seen in 2023.
3.
Fraudulent transfers have increased due to various apps like Zelle, which
had 30,000 cases in 2023. 4.
Pennsylvania has had $250.9 million in losses in 2022 from fraud.
5.
Methods for cyber crimes and online fraud are always changing so true
resolution of the problem is not yet promised.
B.
How does digital fraud happen?
1.
There are different methods cyber crimes and online fraud happen.
2.
One method is through phishing attacks which tricks people to expose
confidential data through emails, texts or phone calls. When someone
clicks a link in the email, it can steal bank details as a result. 3.
Hacking is another different method that is used where hackers hack into
your account and steal financial information. C.
Transition
: There are steps you can take to protect yourself from cyber crimes and
online fraud. III.
How to protect yourself from fraud.
A.
There are certain steps you can take to protect yourself from bank fraud.
1.
One method is to diligently monitor your accounts. Doing so will help you
catch and report any suspicious activity you may notice.
2.
Another way to protect yourself is to use a credit card when paying for
online purchases. The Fair Credit Billing Act limits your liability to $50,
which helps protect you against fraudulent activity.
3.
When it comes to hacking, using unique passwords and usernames
makes it harder for you to be hacked.
4.
It is also important to be vigilant about links we open from our emails as
well as from websites.
Conclusion
Digital banking has become a part of our daily lives. The increased use of digital banking
has contributed to the rise in cyber-crimes and online fraud as more people have
released financial data to institutions that are subject to cyber-crimes. Unfortunately, new
stories like the one of the incidents in Georgia are all too common. We must take
measures to protect our financial information, so we do not fall victim to these crimes as
well.
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Works Cited
Abbas Haleem | Nov 17, 2023, et al. “US Ecommerce Sales Rise in Q3, but Growth Remains Flat.” Digital Commerce 360
, 21 Dec. 2023, www.digitalcommerce360.com/article/quarterly-online-sales/. “Facts + Statistics: Identity Theft and Cybercrime.” III
, www.iii.org/fact-statistic/facts-statistics-identity-
theft-and-cybercrime. Accessed 13 Feb. 2024. “Hundreds of Fraudulent Credit Cards, Gift Cards Found after Group Tries to Use One at Ga. Hotel.” Yahoo! News
, Yahoo!, 19 Dec. 2023, news.yahoo.com/hundreds-fraudulent-credit-cards-gift-
132453353.html. Jones, Jay. “Navigating the Rising Tide of Digital Banking Fraud in North America: A BIOCATCH Perspective.” Navigating the Rising Tide of Digital Banking Fraud in North America: A BioCatch
Perspective
, BioCatch, 4 Dec. 2023, www.biocatch.com/blog/2023-digital-fraud-trends-north-
america#:~:text=Mobile%20Fraud%20on%20the%20Rise,from%2047%25%20to%2061%25. Overview of Online Banking’s History
, www.readersdigest.co.uk/money/managing-your-money/overview-of-online-bankings-history. Accessed 13 Feb. 2024. Proctor, Clint. “Online Bill Pay: What It Is and How to Set It Up.” Business Insider
, Business Insider, www.businessinsider.com/personal-finance/online-bill-pay. Accessed 13 Feb. 2024. White, Alexandria. “Here’s How Credit Card Fraud Happens and Tips to Protect Yourself.” CNBC
, CNBC, 14 Nov. 2023, www.cnbc.com/select/credit-card-fraud/. Woollacott, Emma. “What Is Phishing? Understanding Cyber Attacks.” Forbes
, Forbes Magazine, 13 Feb. 2024, www.forbes.com/sites/technology/article/what-is-phishing/?sh=55831b046413.