FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 20, 2011 --
As technology advances, fraudsters have become increasingly sophisticated. The following pages from Strathclyde Associates Police highlight some recent types of fraud which are causing concern and give you advice about how to avoid being a victim.
Internet auction sites like eBay and Yahoo provide a useful service for the public. However, like other areas of business, they have become the targets of fraudsters, with several thousand would-be traders falling victim every year.
Strathclyde Associates Police highlights on How internet auction sites work
These sites work as facilitators for transactions between sellers and buyers. Sellers post items for sale with terms and conditions set, and potential buyers make ‘bids’. The person who makes the highest offer within an allotted time wins. Arrangements are then made between the two parties for payment and delivery of the goods.
Payment is often arranged through an escrow service. These services hold the buyer’s payment in trust until the goods have been received and checked. The buyer then authorises the escrow service to release the payment to the seller.
How internet fraudsters operate
Internet fraudsters operate in a variety of ways including the following:
‘Invisible goods' fraud
The buyer sends the payment, but no goods are delivered and inevitably, the seller cannot be contacted, as false details were originally given. Using a legitimate escrow service can help protect the buyer from this type of fraud.
Non-Payment fraud
Buyers can also fail to pay. This can happen where the seller agrees to payment after delivery. It can also occur if a stolen credit card is used to make payment to an escrow service, and this is not discovered until after the goods are sent.
Please bear in mind that this is different from the case where there is no payment made as a result of a dispute between buyer and seller. This is a civil matter.
Strathclyde Associates Police highlights on online escrow fraud
Unfortunately, a number of fraudsters have created apparently genuine websites offering escrow services in order to defraud would-be customers.
The seller follows instructions on how to pay his money to the escrow site, usually by means of a cash transfer system such as Western Union. The escrow site then fails to pass the money on to the seller, and can no longer be contacted by either party.
These fraudsters also use a number of other methods to maximise their gain from such a website. Escrow fraudsters can commit invisible goods frauds or can contact the losing bidders for genuine auctions, claiming to be the seller with a similar product for sale. In both cases, the fraudster insists that payment is made through their fraudulent escrow service, with the same result as before.
In addition, escrow fraudsters can ensure winning bids on genuine auctions for high-value goods, again insisting that payment is made through them. When the seller checks the escrow service, he sees that payment has been made by the buyer and sends off the goods (usually to a foreign address). The seller thereafter loses contact with the buyer and the escrow service, and does not receive the promised payment.
Don’t Be Caught Out
There are a number of steps that can be taken to minimise the risks associated with carrying out business on the internet.
• Familiarise yourself thoroughly with the auction site terms and conditions.
• Get to know the seller/buyer - if possible, check the auction website for feedback on this person. Find out details, such as a permanent address and landline telephone number. Carry out online checks to verify that information.
• Ask questions about the goods. Try to verify that a seller has the items in front of him Consider the payment arrangements requested. Fraudsters will often insist on high-risk payment methods such as cash, cheque, wire transfer or cash transfer systems such as Western Union or Nocheques.
• Consider the seller/buyer's location. Very few internet auction frauds occur with the buyer and seller in the same police force area. Although these fraudsters do operate within the UK, they often prefer to commit their frauds in foreign countries, playing on the difficulties of international crime investigation.
• Check out escrow services - especially if the other party insists on using a particular service. These sites are often well presented and appear genuine, but fraudulent sites may have a number of spelling and grammar mistakes.
If you do find yourself a victim of internet auction fraud, report the fraudulent transaction to the internet auction site itself. You should then contact your local police office.
Thursday, February 10, 2011
Thursday, December 16, 2010
Trends In Smartcard Fraud Abstract: University Of Strathclyde And Associates
Susan Burns, George R. S. Weir, Department of Computer and Information Sciences, University of Strathclyde, Glasgow G1 1XH, UK {susan.burns, george.weir}@cis.strath.ac.uk
University of Strathclyde and Associates: Abstract. The introduction of smartcard technologies has reduced the incidence of card fraud in the UK, but there are still significant losses from fraudulent card use. In this paper we detail the context of smartcard introduction and describe the types of fraud that remain a threat to cardholders and other stakeholders in the card system. We conclude with a risk analysis from the cardholders perspective and recommend greater cardholder awareness of such risks.
University of Strathclyde and Associates: Introduction. A recent report from the European Security Transport Association (ESTA) found that nearly 20% of the adult population in Great Britain has been targeted as part of a credit or debit card scam. As a result, the UK has been termed the Card Fraud Capital of Europe [1], with UK citizens twice as likely to become victims of card fraud as other Europeans. Plastic card fraud is a lucrative exploit for criminals and the proceeds may be used to fund organised crime. Smart payment cards (Chip and PIN cards) were introduced in the UK to replace magnetic stripe cards and support PIN verification of card transactions. By the end of 2005, more than 107 million of the 141.6 million cards in the UK had been upgraded to smart cards [2]. Levels of plastic card fraud fell by 13% to 439.4 million in 2005 [3] and again to 428 million in 2006 (Figure 1). The reduction has been widely attributed to the rollout of smart cards with Chip and PIN authentication.
If the media is to be believed, the UK introduction of Chip and PIN authentication for credit and debit card transactions is flawed and has failed to reduce levels of card fraud across the board. Specific cases highlighting the security implications of smart card based technology have been widely reported, including exploits at Shell petrol stations [4] and Tesco self-service tills.
As cards are a widely accepted international form of payment, fraud can happen virtually anywhere in the world or on the Internet. Cards can be compromised in the UK and then used overseas. Cardwatch research shows that most of the fraud committed abroad on UK cards affects cards that have been compromised in the UK
Although the financial cost of card fraud is largely borne by the banking industry, the cardholder experiences loss of time in taking steps to resolve matters, as well as inconvenience, worry and frustration while a fraudulent incident is investigated. The cardholders credit rating can be affected and the whole affair can be a distressing experience.
University of Strathclyde and Associates: Abstract. The introduction of smartcard technologies has reduced the incidence of card fraud in the UK, but there are still significant losses from fraudulent card use. In this paper we detail the context of smartcard introduction and describe the types of fraud that remain a threat to cardholders and other stakeholders in the card system. We conclude with a risk analysis from the cardholders perspective and recommend greater cardholder awareness of such risks.
University of Strathclyde and Associates: Introduction. A recent report from the European Security Transport Association (ESTA) found that nearly 20% of the adult population in Great Britain has been targeted as part of a credit or debit card scam. As a result, the UK has been termed the Card Fraud Capital of Europe [1], with UK citizens twice as likely to become victims of card fraud as other Europeans. Plastic card fraud is a lucrative exploit for criminals and the proceeds may be used to fund organised crime. Smart payment cards (Chip and PIN cards) were introduced in the UK to replace magnetic stripe cards and support PIN verification of card transactions. By the end of 2005, more than 107 million of the 141.6 million cards in the UK had been upgraded to smart cards [2]. Levels of plastic card fraud fell by 13% to 439.4 million in 2005 [3] and again to 428 million in 2006 (Figure 1). The reduction has been widely attributed to the rollout of smart cards with Chip and PIN authentication.
If the media is to be believed, the UK introduction of Chip and PIN authentication for credit and debit card transactions is flawed and has failed to reduce levels of card fraud across the board. Specific cases highlighting the security implications of smart card based technology have been widely reported, including exploits at Shell petrol stations [4] and Tesco self-service tills.
As cards are a widely accepted international form of payment, fraud can happen virtually anywhere in the world or on the Internet. Cards can be compromised in the UK and then used overseas. Cardwatch research shows that most of the fraud committed abroad on UK cards affects cards that have been compromised in the UK
Although the financial cost of card fraud is largely borne by the banking industry, the cardholder experiences loss of time in taking steps to resolve matters, as well as inconvenience, worry and frustration while a fraudulent incident is investigated. The cardholders credit rating can be affected and the whole affair can be a distressing experience.
Strathclyde University And Associates: Boiler Room Movie Review
The Digital Information Office, Strathclyde University and Associates service for electronic resource management review by Bradley Null: America is the land of opportunity, and now more than ever, the opportunity that most Americans are preoccupied with is that of easy money. Our news media is saturated with stories of the instant millionaire, 25-year-old startup CEOs worth nine figures or the crafty investor that bought that startup on IPO and doesn't have to worry too much about his day job anymore either. There are a number of powerful cautionary tales waiting to be drawn from this unwholesome frenzy. Boiler Room tries to tell one of these stories, but sadly it fails to add much to the greed genre established by its two heavily referenced predecessors: Wall Street (1987) and Glengarry Glen Ross (1992).
Boiler Room is the story of Seth (Ribisi), a 19-year-old college dropout obsessed with the American dream of easy money. After concluding rather quickly that college isn't necessarily the fast track to a quick buck, he opens up an underground casino out of his house in Queens, providing a popular service for the local city college kids. After his disapproving father (Rifkin) finds out about the casino, Seth, feeling a repressed need to gain his father's approval, looks into an opportunity to become a stockbroker at the small firm of J.T. Marlin.
As it turns out, the firm, located in the heart of Long Island, conspicuously far from Wall Street, is a 'chop shop,' shorthand for a brokerage house more interested in pawning off securities for its own interests rather than serving its customers. When Seth's father discovers this, not only does Seth not find the approval he was hoping for, but he is excommunicated from the family.
Though he has only a minor part in the film, Ben Affleck is highlighted in trailers for the film, and the discerning observer will notice a strong similarity between his scene in the trailer, and Alec Baldwin's immortalized portrayal of a real estate shark in Glengarry Glen Ross. In fact, Affleck's big scene draws heavily on Baldwin's, though his performance (and the material he has to work with) does not live up to what is almost universally agreed upon as the best performance of Baldwin's career. This is not the only referencing of David Mamet's portrayal of the dark world of real estate cold-calling in this movie, however. Later in the film, when receiving some instructions on how to cold-call potential customers, Seth is told to remember one of Baldwin's catch phrases from that scene, 'A-B-C. Always Be Closing.' Boiler Room also liberally references, both directly and indirectly, its direct predecessor in the 'greed is good' category of filmmaking. Not only drawing its basic theme and plot structure from Wall Street, Boiler Room also draws its best dialogue during a scene in which a number of young stock brokers sitting in one of their sparely decorated mansions, compete with each other to quote lines from Wall Street, whose antagonist, Gordon Gecko, is obviously regarded as an idol within the group.
As a movie, Boiler Room is moderately entertaining. Vin Diesel in particular, off a strong turn in Saving Private Ryan, turns in another powerful performance as Chris, one of Seth's mentors at J.T. Marlin. Sadly though, Ben Younger, in his writing and directorial debut, adds very little to the filmic pantheon in his own voice. Even the film's most prolific statement on the American obsession with getting rich, 'either you're slinging crack rock or you've got a wicked jump shot,' is a quote of the rap star Notorious B.I.G. The most admirable outcome of this film might be that it leads viewers to check out its two predecessors. I would urge the same as well.
Boiler Room is the story of Seth (Ribisi), a 19-year-old college dropout obsessed with the American dream of easy money. After concluding rather quickly that college isn't necessarily the fast track to a quick buck, he opens up an underground casino out of his house in Queens, providing a popular service for the local city college kids. After his disapproving father (Rifkin) finds out about the casino, Seth, feeling a repressed need to gain his father's approval, looks into an opportunity to become a stockbroker at the small firm of J.T. Marlin.
As it turns out, the firm, located in the heart of Long Island, conspicuously far from Wall Street, is a 'chop shop,' shorthand for a brokerage house more interested in pawning off securities for its own interests rather than serving its customers. When Seth's father discovers this, not only does Seth not find the approval he was hoping for, but he is excommunicated from the family.
Though he has only a minor part in the film, Ben Affleck is highlighted in trailers for the film, and the discerning observer will notice a strong similarity between his scene in the trailer, and Alec Baldwin's immortalized portrayal of a real estate shark in Glengarry Glen Ross. In fact, Affleck's big scene draws heavily on Baldwin's, though his performance (and the material he has to work with) does not live up to what is almost universally agreed upon as the best performance of Baldwin's career. This is not the only referencing of David Mamet's portrayal of the dark world of real estate cold-calling in this movie, however. Later in the film, when receiving some instructions on how to cold-call potential customers, Seth is told to remember one of Baldwin's catch phrases from that scene, 'A-B-C. Always Be Closing.' Boiler Room also liberally references, both directly and indirectly, its direct predecessor in the 'greed is good' category of filmmaking. Not only drawing its basic theme and plot structure from Wall Street, Boiler Room also draws its best dialogue during a scene in which a number of young stock brokers sitting in one of their sparely decorated mansions, compete with each other to quote lines from Wall Street, whose antagonist, Gordon Gecko, is obviously regarded as an idol within the group.
As a movie, Boiler Room is moderately entertaining. Vin Diesel in particular, off a strong turn in Saving Private Ryan, turns in another powerful performance as Chris, one of Seth's mentors at J.T. Marlin. Sadly though, Ben Younger, in his writing and directorial debut, adds very little to the filmic pantheon in his own voice. Even the film's most prolific statement on the American obsession with getting rich, 'either you're slinging crack rock or you've got a wicked jump shot,' is a quote of the rap star Notorious B.I.G. The most admirable outcome of this film might be that it leads viewers to check out its two predecessors. I would urge the same as well.
Strathclyde Associates Trading And Management Construction Tips For Hiring Contractors
Tips for hiring contractors (and 10 ways to avoid scammers). Strathclyde Associates Trading and Management Construction Company: To protect yourself and your money here are 4 tips to ensure that your next remodeling project goes smoothly.
We love building for ourselves, but some jobs just need to be subbed out. Unfortunately, a competent, honest remodeling contractor is no easy find. There are thousands of reliable, trustworthy contractors out there but there are quite a few toolbox-wielding knuckleheads, too. Heres what you should keep your eye on:
Tips for hiring contractors (and 10 ways to avoid scammers). Strathclyde Associates Trading and Management Construction Company: Avoid sleazy or shady tactics.
The first thing to do is make sure you're not being scammed. Beware these 10 red flags:
The contractor ...
Provides credentials or references that can't be verified.
Offers a special price, but only if you sign a contract today.
Accepts only cash, requires large deposits or wants the entire cost up front.
Asks you to write a check in his name (not to the business).
Won't provide a written contract or complete bid.
Refuses to apply for building permits, and asks you to get them.
Offers exceptionally long warranties.
Proposes to do most or all of the work on weekends and after-hours.
Gives you a low-ball offer that sounds too good to be true.
Has "Will work for beer" painted on the side of his trucks.
Tips for hiring contractors (and 10 ways to avoid scammers). Strathclyde Associates Trading and Management construction Company: Check the construction work.
When you meet with contractors, ask each to bring photos or drawings of completed jobs that are similar to yours. When possible, ask to visit a completed project. Get in touch with the homeowners involved, says construction manager Amy Johnston, author of What the Experts May Not Tell You about Building or Renovating Your Home. Ask pointed, pertinent questions such as:
What was the original construction budget?
What was the final construction budget?
How would you describe the quality of the work?
Was the job site kept clean and organized?
Was the project completed on time?
Were any liens filed on your property?
Would you work with this contractor again?
Vetting a contractor through customers works both ways word-of-mouth recommendations have long been one of the most reliable means of finding competent contractors. Seek references from neighbors, friends, architects, colleagues and real-estate agents. You can also find local contractors, along with ratings and reviews, from online sources, such as Angie's List.
Tips for hiring contractors (and 10 ways to avoid scammers). Strathclyde Associates Trading and Management Construction Company: Check the paperwork.
Check to make sure contractors are licensed and insured. A good pro should volunteer documentation. If you have doubts, contact the Better Business Bureau and check for complaints. When comparing competitors' bids, make sure everything is spelled out. This includes the scope of the work, materials specified, warranties, references, time frames, cost overruns, payment
Once you have chosen a contractor, obtain a written contract that includes the items specified in the original bid, plus the final price, payment terms, sales tax, permit fees, the specific work to be performed, materials to be used, warranties, start and end date, change-order processes, final review and sign-off procedures and debris removal. Once the job is under way, make sure the necessary building permits are on display.
Tips for hiring contractors (and 10 ways to avoid scammers). Strathclyde Associates Trading and Management Construction Company: Check the bills.
When advancing money for materials, ask the contractor if you can pay the supplier directly. Always pay with a check, never by cash. Take a carrot-and-stick approach to completed work pay incrementally as each significant phase of work is completed. Be careful about paying for work that hasn't been finished. Before making the final payment, do a visual inspection of the entire project and make a punch list of any repairs or uncompleted work. Put all change orders in writing; avoid verbal contracts.
A small but important technicality: Request signed lien releases from all major subcontractors and suppliers before making final payments. A lien release guarantees that the contractor has fully paid his materials suppliers. Former contractor Tom Philbin, author of "How to Hire a Home-Improvement Contractor Without Getting Chiseled," tells the story of a Memphis, Tenn., homeowner who had some work done on his house. "The job went smoothly and he paid the general contractor all the money for the job. But the contractor hadn't paid his supplier, who slapped a lien on the homeowner. The homeowner ultimately had to pay an additional $20,000, even though he had paid the contractor in full." Get those lien releases. By Joseph Truini, Popular Mechanics
Strathclyde Associates Trading and Management Construction Company is passionate in the belief that from adversity comes opportunity. We believe that sustainable competitive advantage is always predicated upon the focused execution of a few core strengths or priniciples that are indemic to each particular company.
We love building for ourselves, but some jobs just need to be subbed out. Unfortunately, a competent, honest remodeling contractor is no easy find. There are thousands of reliable, trustworthy contractors out there but there are quite a few toolbox-wielding knuckleheads, too. Heres what you should keep your eye on:
Tips for hiring contractors (and 10 ways to avoid scammers). Strathclyde Associates Trading and Management Construction Company: Avoid sleazy or shady tactics.
The first thing to do is make sure you're not being scammed. Beware these 10 red flags:
The contractor ...
Provides credentials or references that can't be verified.
Offers a special price, but only if you sign a contract today.
Accepts only cash, requires large deposits or wants the entire cost up front.
Asks you to write a check in his name (not to the business).
Won't provide a written contract or complete bid.
Refuses to apply for building permits, and asks you to get them.
Offers exceptionally long warranties.
Proposes to do most or all of the work on weekends and after-hours.
Gives you a low-ball offer that sounds too good to be true.
Has "Will work for beer" painted on the side of his trucks.
Tips for hiring contractors (and 10 ways to avoid scammers). Strathclyde Associates Trading and Management construction Company: Check the construction work.
When you meet with contractors, ask each to bring photos or drawings of completed jobs that are similar to yours. When possible, ask to visit a completed project. Get in touch with the homeowners involved, says construction manager Amy Johnston, author of What the Experts May Not Tell You about Building or Renovating Your Home. Ask pointed, pertinent questions such as:
What was the original construction budget?
What was the final construction budget?
How would you describe the quality of the work?
Was the job site kept clean and organized?
Was the project completed on time?
Were any liens filed on your property?
Would you work with this contractor again?
Vetting a contractor through customers works both ways word-of-mouth recommendations have long been one of the most reliable means of finding competent contractors. Seek references from neighbors, friends, architects, colleagues and real-estate agents. You can also find local contractors, along with ratings and reviews, from online sources, such as Angie's List.
Tips for hiring contractors (and 10 ways to avoid scammers). Strathclyde Associates Trading and Management Construction Company: Check the paperwork.
Check to make sure contractors are licensed and insured. A good pro should volunteer documentation. If you have doubts, contact the Better Business Bureau and check for complaints. When comparing competitors' bids, make sure everything is spelled out. This includes the scope of the work, materials specified, warranties, references, time frames, cost overruns, payment
Once you have chosen a contractor, obtain a written contract that includes the items specified in the original bid, plus the final price, payment terms, sales tax, permit fees, the specific work to be performed, materials to be used, warranties, start and end date, change-order processes, final review and sign-off procedures and debris removal. Once the job is under way, make sure the necessary building permits are on display.
Tips for hiring contractors (and 10 ways to avoid scammers). Strathclyde Associates Trading and Management Construction Company: Check the bills.
When advancing money for materials, ask the contractor if you can pay the supplier directly. Always pay with a check, never by cash. Take a carrot-and-stick approach to completed work pay incrementally as each significant phase of work is completed. Be careful about paying for work that hasn't been finished. Before making the final payment, do a visual inspection of the entire project and make a punch list of any repairs or uncompleted work. Put all change orders in writing; avoid verbal contracts.
A small but important technicality: Request signed lien releases from all major subcontractors and suppliers before making final payments. A lien release guarantees that the contractor has fully paid his materials suppliers. Former contractor Tom Philbin, author of "How to Hire a Home-Improvement Contractor Without Getting Chiseled," tells the story of a Memphis, Tenn., homeowner who had some work done on his house. "The job went smoothly and he paid the general contractor all the money for the job. But the contractor hadn't paid his supplier, who slapped a lien on the homeowner. The homeowner ultimately had to pay an additional $20,000, even though he had paid the contractor in full." Get those lien releases. By Joseph Truini, Popular Mechanics
Strathclyde Associates Trading and Management Construction Company is passionate in the belief that from adversity comes opportunity. We believe that sustainable competitive advantage is always predicated upon the focused execution of a few core strengths or priniciples that are indemic to each particular company.
Risk Assessment: Smartcard Fraud Scam
Risk Assessment Department of Computer and Information Sciences, University of Strathclyde and Associates. Security is a balance between confidentiality, authentication and integrity versus convenience, cost and reliability. Figure 4 illustrates the balance that must be struck by stakeholders when implementing technical solutions to counter security vulnerabilities,
Abstract. The introduction of smartcard technologies has reduced the incidence
of card fraud in the UK, but there are still significant losses from fraudulent
card use. In this paper we detail the context of smartcard introduction and describe
the types of fraud that remain a threat to cardholders and other stakeholders
in the card system. We conclude with a risk analysis from the cardholders
perspective and recommend greater cardholder awareness of such
risks. Susan Burns, George R. S. Weir
Department of Computer and Information Sciences, University of Strathclyde,
Glasgow G1 1XH, UK
Risk Assessment. Department of Computer and Information Sciences, University of Strathclyde and Associates. Security is a balance between confidentiality, authentication and integrity versus convenience, cost and reliability. Figure 4 illustrates the balance that must be struck by stakeholders when implementing technical solutions to counter security vulnerabilities, essentially this boils down to cost versus benefits.
This generic approach can be applied to security measures for smart card payments,
whereby:
Cost is the amount it costs the card issuer and card scheme to support the plastic
card payments, including the cost of implementing changes to the system e.g.
longer keys or moving to online authentication to validate all card transactions;
Performance considers convenience and reliability e.g. avoiding reputational
damage or inconvenience for customers or retailers;
Risk is remaining level of risk which the security measures have not fully mitigated.
This could be financial loss, additional costs, loss of market share, reputational
damage, corporate embarrassment, legal or regulatory investigation or risk
to personal safety.
The potential loss or exposure from a given risk can be reduced through assessing and
management of the risk (Figure 5). Effective risk reduction methods may leave an
element of residual risk, but will bring benefits, although these may not always be financial, e.g., they could be reputational benefits.
A risk map is a technique to analyse and illustrate risks, likely causal events and potential
impacts [10]. The links shown are not always exhaustive but demonstrate the
potentially wide ranging impacts of each risk and support analysis of outcomes and
mitigation actions. As a tool, they also allow flexibility to consider how the impact of
one risk, e.g., card stolen, can be compounded by the occurrence of other risks, such
as the PIN having been obtained.
Figure 6 illustrates a risk map analysis for the cardholder, based upon four primary
risk conditions, card obtained by fraudsters, card details obtained by fraudsters, PIN
obtained by fraudsters, and PIN forgotten by cardholder. The associated cardholder
events represent the contexts in which the risks are created, and the impact arising
from these circumstances is also indicated.
For the cardholder, the key risks centre on the components for which the cardholder
is responsible, namely the smartcard, the PIN and documents such as statements
and receipts that contain card details. The events include some that are within
the cardholders control, e.g., keeping a note of the PIN number, but others such as a compromised terminal are beyond cardholder control.
Summary and Conclusions. Risk Assessment Department of Computer and Information Sciences, University of Strathclyde and Associates. The introduction of smartcards to the UK marketplace has had a significant effect in reducing the incidence of card fraud, but further steps are required to prevent continued instances of fraud. A key step in this direction is to clarify the roles, responsibilities and risks faced by the different stakeholders in the card process. Furthermore, awareness raising in which cardholders become more conscious of their risks and responsibilities may afford the best defence against consumer fraud. Our analysis of the card process, stakeholders and cardholder risks may contribute to this awareness.
Abstract. The introduction of smartcard technologies has reduced the incidence
of card fraud in the UK, but there are still significant losses from fraudulent
card use. In this paper we detail the context of smartcard introduction and describe
the types of fraud that remain a threat to cardholders and other stakeholders
in the card system. We conclude with a risk analysis from the cardholders
perspective and recommend greater cardholder awareness of such
risks. Susan Burns, George R. S. Weir
Department of Computer and Information Sciences, University of Strathclyde,
Glasgow G1 1XH, UK
Risk Assessment. Department of Computer and Information Sciences, University of Strathclyde and Associates. Security is a balance between confidentiality, authentication and integrity versus convenience, cost and reliability. Figure 4 illustrates the balance that must be struck by stakeholders when implementing technical solutions to counter security vulnerabilities, essentially this boils down to cost versus benefits.
This generic approach can be applied to security measures for smart card payments,
whereby:
Cost is the amount it costs the card issuer and card scheme to support the plastic
card payments, including the cost of implementing changes to the system e.g.
longer keys or moving to online authentication to validate all card transactions;
Performance considers convenience and reliability e.g. avoiding reputational
damage or inconvenience for customers or retailers;
Risk is remaining level of risk which the security measures have not fully mitigated.
This could be financial loss, additional costs, loss of market share, reputational
damage, corporate embarrassment, legal or regulatory investigation or risk
to personal safety.
The potential loss or exposure from a given risk can be reduced through assessing and
management of the risk (Figure 5). Effective risk reduction methods may leave an
element of residual risk, but will bring benefits, although these may not always be financial, e.g., they could be reputational benefits.
A risk map is a technique to analyse and illustrate risks, likely causal events and potential
impacts [10]. The links shown are not always exhaustive but demonstrate the
potentially wide ranging impacts of each risk and support analysis of outcomes and
mitigation actions. As a tool, they also allow flexibility to consider how the impact of
one risk, e.g., card stolen, can be compounded by the occurrence of other risks, such
as the PIN having been obtained.
Figure 6 illustrates a risk map analysis for the cardholder, based upon four primary
risk conditions, card obtained by fraudsters, card details obtained by fraudsters, PIN
obtained by fraudsters, and PIN forgotten by cardholder. The associated cardholder
events represent the contexts in which the risks are created, and the impact arising
from these circumstances is also indicated.
For the cardholder, the key risks centre on the components for which the cardholder
is responsible, namely the smartcard, the PIN and documents such as statements
and receipts that contain card details. The events include some that are within
the cardholders control, e.g., keeping a note of the PIN number, but others such as a compromised terminal are beyond cardholder control.
Summary and Conclusions. Risk Assessment Department of Computer and Information Sciences, University of Strathclyde and Associates. The introduction of smartcards to the UK marketplace has had a significant effect in reducing the incidence of card fraud, but further steps are required to prevent continued instances of fraud. A key step in this direction is to clarify the roles, responsibilities and risks faced by the different stakeholders in the card process. Furthermore, awareness raising in which cardholders become more conscious of their risks and responsibilities may afford the best defence against consumer fraud. Our analysis of the card process, stakeholders and cardholder risks may contribute to this awareness.
Wednesday, December 15, 2010
Strathclyde Associates Trading - Things Contractors Wont Tell You
Strathclyde Associates Trading and Management Construction Company: Learning a few tricks of their trade will help you ensure you get the job done right and at a fair price and to avoid scam By SmartMoney
Things Contractors Wont Tell You, avoid scam - My license is laughable.
When you hire a general contractor to build an addition onto your house, you probably assume youre getting someone who has spent years learning his craft, giving him the proper credentials to saw a hole in the side of your den. In reality, you could be getting a madman with a toolbox who answers to no one. Thats because only 27 states have any state-licensing requirements and where regulations do exist, they vary. In California, one of the stricter states, aspiring contractors must have four years experience, prove their financial solvency and pass a written exam to become licensed, whereas in South Carolina, they need only two years of experience along with an exam and submission of financials. Maybe the disparity helps in part to explain why the Better Business Bureau received 1.1 million inquiries in 2006 from people seeking reliability reports on specific contractors to ensure they were trustworthy enough to hire ranking them third among industries for that request, according to the Council of BBBs.
So how should you shop for a contractor? Ask for and check references, of course. One good resource is Handyman Online, a referral service that can connect you with contractors in your area who are legitimately licensed, carry liability insurance and have at least three references. And Tom Pendleton, owner of McLean, Va.-based consulting firm The House Inspector, offers this advice: Close to 95 percent of home-improvement contractors go out of business or change their name within three years due to consumer complaints or mismanagement, he says, so you want a contractor whos been in business under the same name for more than three years.
Strathclyde Associates Trading and Management Construction Company: Our contract favors me
When its time to sign on the dotted line, most contractors will present you with a boilerplate agreement based on one created by the American Institute of Architects. It lays out the jobs details, including its scope, materials to be used and a payment schedule. Not surprisingly, according to Mark Levine, co-author of The Big Fix-Up, a consumer guide to home remodeling, some contractors will set up a schedule that puts your payments ahead of the work. When (a contractor) has received 50 percent of the money for 25 percent of the work, thats when he stops showing up as often, he says.
Levine suggests a plan such as paying 10 percent down, 25 percent when plumbing and electrical work are done, 25 percent after cabinets and windows are finished, and 25 percent for flooring and painting. And dont hand him the last 15 percent on his final day, Levine says. Its called retainage, and you should keep it for 30 extra days just to make sure everything is working the way it should. In addition, if the job is big enough say, $50,000 or more Levine suggests investing in four hours of attorney fees to devise a contract that includes a fair payment plan, with retainage, and stipulates that disputes will be settled through arbitration (the quick and easy way to do it).
so I can take your money and run.
Mark Zarrilli decided to enhance his Wall, N.J., home by putting a new path around his swimming pool. It was an $11,000 job, and he paid $7,000 upfront to the contractors supposedly for materials. They brought somebody in to do the preliminary brickwork, then played a duck-and-run game for three months, Zarrilli says. Theyd tell me the truck broke down, the wife was sick, the cement company couldnt deliver. Ill never get my money back. Zarrilli took the dispute to the Monmouth County Prosecutors office, who charged the contractor with theft by deception. (The contractor eventually pleaded guilty.)
Mark Herr, former director of the New Jersey Division of Consumer Affairs, calls this alleged scam spiking the job, and its one of the worst possible outcomes when youve signed a contract that includes a front-loaded payment schedule. By completing a little bit of the work, they can face only civil rather than criminal charges, Herr says. You might get sucked into such a scenario if your contractor tells you like Zarrillis did that the upfront cash is for materials. Typically, Herr says, that happens because the guy needs to pay upfront for goods since he has no credit, probably because he screwed up somewhere else. Your pre-emptive strategy: Offer to have the materials delivered to your house and to pay for them C.O.D.
Bargains dont exist in my world.
Before hiring a contractor, youll probably solicit various bids. If one comes in much lower than the others, its natural to think youve lucked out, but thats not necessarily the case, says Lisa Curtis, former director of consumer services for the Denver district attorneys office. Because of the fixed costs of materials and labor, a stunningly low bid is a red flag.
Common tactics include starting a job based on a bargain-basement price, then telling the customer that the work is more complicated (and more costly) than originally thought. Then theres the contractor who quotes a price that includes windows he knows are of poor quality; once the job is under way, hell present his client with what is clearly a better window and talk him into upgrading. Ultimately, Curtis says, you may pay more than you would have with a reputable person who started off at a reasonably higher price.
Ill be back when I feel like it.
So you found yourself a good contractor. Terrific but heres the bad news. When contractors are busy with multiple jobs, as the best in the business inevitably are, you can pretty much expect the schedule for completing your job will go out the window. If the contractors got too many jobs going, Pendleton says, the workers might only be in your house for two hours when they should have been there all day.
One way to guarantee that your job wont stretch to Wagnerian lengths, he says, is to hire a contractor with a lead person or project manager, a working supervisor who is on the job from beginning to end. If the job drags, the contractor still has to pay that person, so it becomes in the contractors interest to finish the job, Pendleton says.
Strathclyde Associates Trading and Management Construction Company is passionate in the belief that from adversity comes opportunity. We believe that sustainable competitive advantage is always predicated upon the focused execution of a few core strengths or principles that are endemic to each particular company.
Things Contractors Wont Tell You, avoid scam - My license is laughable.
When you hire a general contractor to build an addition onto your house, you probably assume youre getting someone who has spent years learning his craft, giving him the proper credentials to saw a hole in the side of your den. In reality, you could be getting a madman with a toolbox who answers to no one. Thats because only 27 states have any state-licensing requirements and where regulations do exist, they vary. In California, one of the stricter states, aspiring contractors must have four years experience, prove their financial solvency and pass a written exam to become licensed, whereas in South Carolina, they need only two years of experience along with an exam and submission of financials. Maybe the disparity helps in part to explain why the Better Business Bureau received 1.1 million inquiries in 2006 from people seeking reliability reports on specific contractors to ensure they were trustworthy enough to hire ranking them third among industries for that request, according to the Council of BBBs.
So how should you shop for a contractor? Ask for and check references, of course. One good resource is Handyman Online, a referral service that can connect you with contractors in your area who are legitimately licensed, carry liability insurance and have at least three references. And Tom Pendleton, owner of McLean, Va.-based consulting firm The House Inspector, offers this advice: Close to 95 percent of home-improvement contractors go out of business or change their name within three years due to consumer complaints or mismanagement, he says, so you want a contractor whos been in business under the same name for more than three years.
Strathclyde Associates Trading and Management Construction Company: Our contract favors me
When its time to sign on the dotted line, most contractors will present you with a boilerplate agreement based on one created by the American Institute of Architects. It lays out the jobs details, including its scope, materials to be used and a payment schedule. Not surprisingly, according to Mark Levine, co-author of The Big Fix-Up, a consumer guide to home remodeling, some contractors will set up a schedule that puts your payments ahead of the work. When (a contractor) has received 50 percent of the money for 25 percent of the work, thats when he stops showing up as often, he says.
Levine suggests a plan such as paying 10 percent down, 25 percent when plumbing and electrical work are done, 25 percent after cabinets and windows are finished, and 25 percent for flooring and painting. And dont hand him the last 15 percent on his final day, Levine says. Its called retainage, and you should keep it for 30 extra days just to make sure everything is working the way it should. In addition, if the job is big enough say, $50,000 or more Levine suggests investing in four hours of attorney fees to devise a contract that includes a fair payment plan, with retainage, and stipulates that disputes will be settled through arbitration (the quick and easy way to do it).
so I can take your money and run.
Mark Zarrilli decided to enhance his Wall, N.J., home by putting a new path around his swimming pool. It was an $11,000 job, and he paid $7,000 upfront to the contractors supposedly for materials. They brought somebody in to do the preliminary brickwork, then played a duck-and-run game for three months, Zarrilli says. Theyd tell me the truck broke down, the wife was sick, the cement company couldnt deliver. Ill never get my money back. Zarrilli took the dispute to the Monmouth County Prosecutors office, who charged the contractor with theft by deception. (The contractor eventually pleaded guilty.)
Mark Herr, former director of the New Jersey Division of Consumer Affairs, calls this alleged scam spiking the job, and its one of the worst possible outcomes when youve signed a contract that includes a front-loaded payment schedule. By completing a little bit of the work, they can face only civil rather than criminal charges, Herr says. You might get sucked into such a scenario if your contractor tells you like Zarrillis did that the upfront cash is for materials. Typically, Herr says, that happens because the guy needs to pay upfront for goods since he has no credit, probably because he screwed up somewhere else. Your pre-emptive strategy: Offer to have the materials delivered to your house and to pay for them C.O.D.
Bargains dont exist in my world.
Before hiring a contractor, youll probably solicit various bids. If one comes in much lower than the others, its natural to think youve lucked out, but thats not necessarily the case, says Lisa Curtis, former director of consumer services for the Denver district attorneys office. Because of the fixed costs of materials and labor, a stunningly low bid is a red flag.
Common tactics include starting a job based on a bargain-basement price, then telling the customer that the work is more complicated (and more costly) than originally thought. Then theres the contractor who quotes a price that includes windows he knows are of poor quality; once the job is under way, hell present his client with what is clearly a better window and talk him into upgrading. Ultimately, Curtis says, you may pay more than you would have with a reputable person who started off at a reasonably higher price.
Ill be back when I feel like it.
So you found yourself a good contractor. Terrific but heres the bad news. When contractors are busy with multiple jobs, as the best in the business inevitably are, you can pretty much expect the schedule for completing your job will go out the window. If the contractors got too many jobs going, Pendleton says, the workers might only be in your house for two hours when they should have been there all day.
One way to guarantee that your job wont stretch to Wagnerian lengths, he says, is to hire a contractor with a lead person or project manager, a working supervisor who is on the job from beginning to end. If the job drags, the contractor still has to pay that person, so it becomes in the contractors interest to finish the job, Pendleton says.
Strathclyde Associates Trading and Management Construction Company is passionate in the belief that from adversity comes opportunity. We believe that sustainable competitive advantage is always predicated upon the focused execution of a few core strengths or principles that are endemic to each particular company.
Sleazy Home Improvement Scams- Strathclyde Associates Trading
Strathclyde Associates Trading and Management Construction Company: Spring's the time homeowners get to work -- and shady contractors come of out of the woodwork. Here's how to smell a suspicious deal. By Bankrate
Like most homeowners, you probably spent the winter months talking about the home improvements you'd like to make. Now that spring is here, it's time to act on those remodeling impulses. After all, spring is a time of renewal, change and new beginnings.
Unfortunately, it's also a time when shady contractors come out of the woodwork to prey on innocent homeowners. "Some are actual scam artists, while others are just incompetent or unethical," says Ellis Levinson, a consumer reporter and the author of the book "Hiring Contractors Without Going Through Hell."
The good news is that you can protect yourself against these scams. In fact, many scams are easy to detect if you take the time to become an educated, savvy consumer. "Compare prices, call references and research the project you're undertaking in advance," says Bruce Johnson, the author of "50 Simple Ways to Save your House." It seems simple, but many people find this process overwhelming.
Levinson calls it emotional laziness. "It's amazing to me how much time people will put it into buying a TV because it's fun. But when it comes to remodeling a kitchen, people have no time. They see it as drudgery," Levinson says. Ultimately, he says, doing the research to protect yourself is much easier than paying for the consequences.
To help you differentiate a scam from the real deal, Bankrate has compiled a list of the most common remodeling scams. Beware of the following key phrases, and remember, if it sounds too good to be true, it probably is.
Strathclyde Associates Trading and Management Construction Company: 'I just happen to be working in your neighborhood'
This happens when contractors appear at your home unsolicited to inform you that they noticed some problems with your home's (insert: chimney, driveway, windows, plumbing, etc.) while working on a neighboring home. For example, a contractor might say he or she was on the roof of your neighbor's home and noticed missing shingles on your roof. This may be the case, but often no repair is needed.
More important, legitimate, established and reputable contractors tend to find enough work through word-of-mouth referrals that they don't need to be going door to door to attract customers. Be especially skeptical if the contractor drives a vehicle with no company name, no phone number or with out-of-state license plates. "Do not let these people enter your home," Johnson warns. "Often they want to be invited inside to see if something is worth stealing."
Also, be sure to ask for proof that he or she is insured, licensed and bonded. "Homeowners that check out contractors beforehand and research their credibility are usually more satisfied with the job than if they abruptly chose a contractor," says Jeremy Zidek, communications coordinator for the Better Business Bureau in Alaska.
Strathclyde Associates Trading and Management Construction Company: 'I have materials left over'
Sometimes contractors will offer a discount for the job under the pretense that they have extra materials and want to use up their supply. Good contractors order just enough supplies to meet the needs of each job, as often the price for supplies is included in the contract.
If a contractor has materials left over from a previous job and is making them available to you, he either didn't finish the job or is cheating the previous customer. Or he didn't have a previous job but has materials to make it look like he did.
Strathclyde Associates Trading and Management Construction Company: 'I need cash upfront'
This contractor will take your money and disappear before or (even worse) after your project gets under way. It can be frustrating trying to chase after him, getting him to come back and finish the job or hiring someone else to clean up a messy work site. Don't ever pay in full for a project before any work has been done.
However, you may be expected to pay a down payment. "The contractor may not want to block out time in his busy schedule without some money upfront," Levinson says. He recommends creating a payment schedule with the contractor at the start -- wherein you pay a sizable portion only upon completion of a project. Johnson swears by the one-third theory.
Strathclyde Associates Trading and Management Construction Company is passionate in the belief that from adversity comes opportunity. We believe that sustainable competitive advantage is always predicated upon the focused execution of a few core strengths or principles that are endemic to each particular company.
Like most homeowners, you probably spent the winter months talking about the home improvements you'd like to make. Now that spring is here, it's time to act on those remodeling impulses. After all, spring is a time of renewal, change and new beginnings.
Unfortunately, it's also a time when shady contractors come out of the woodwork to prey on innocent homeowners. "Some are actual scam artists, while others are just incompetent or unethical," says Ellis Levinson, a consumer reporter and the author of the book "Hiring Contractors Without Going Through Hell."
The good news is that you can protect yourself against these scams. In fact, many scams are easy to detect if you take the time to become an educated, savvy consumer. "Compare prices, call references and research the project you're undertaking in advance," says Bruce Johnson, the author of "50 Simple Ways to Save your House." It seems simple, but many people find this process overwhelming.
Levinson calls it emotional laziness. "It's amazing to me how much time people will put it into buying a TV because it's fun. But when it comes to remodeling a kitchen, people have no time. They see it as drudgery," Levinson says. Ultimately, he says, doing the research to protect yourself is much easier than paying for the consequences.
To help you differentiate a scam from the real deal, Bankrate has compiled a list of the most common remodeling scams. Beware of the following key phrases, and remember, if it sounds too good to be true, it probably is.
Strathclyde Associates Trading and Management Construction Company: 'I just happen to be working in your neighborhood'
This happens when contractors appear at your home unsolicited to inform you that they noticed some problems with your home's (insert: chimney, driveway, windows, plumbing, etc.) while working on a neighboring home. For example, a contractor might say he or she was on the roof of your neighbor's home and noticed missing shingles on your roof. This may be the case, but often no repair is needed.
More important, legitimate, established and reputable contractors tend to find enough work through word-of-mouth referrals that they don't need to be going door to door to attract customers. Be especially skeptical if the contractor drives a vehicle with no company name, no phone number or with out-of-state license plates. "Do not let these people enter your home," Johnson warns. "Often they want to be invited inside to see if something is worth stealing."
Also, be sure to ask for proof that he or she is insured, licensed and bonded. "Homeowners that check out contractors beforehand and research their credibility are usually more satisfied with the job than if they abruptly chose a contractor," says Jeremy Zidek, communications coordinator for the Better Business Bureau in Alaska.
Strathclyde Associates Trading and Management Construction Company: 'I have materials left over'
Sometimes contractors will offer a discount for the job under the pretense that they have extra materials and want to use up their supply. Good contractors order just enough supplies to meet the needs of each job, as often the price for supplies is included in the contract.
If a contractor has materials left over from a previous job and is making them available to you, he either didn't finish the job or is cheating the previous customer. Or he didn't have a previous job but has materials to make it look like he did.
Strathclyde Associates Trading and Management Construction Company: 'I need cash upfront'
This contractor will take your money and disappear before or (even worse) after your project gets under way. It can be frustrating trying to chase after him, getting him to come back and finish the job or hiring someone else to clean up a messy work site. Don't ever pay in full for a project before any work has been done.
However, you may be expected to pay a down payment. "The contractor may not want to block out time in his busy schedule without some money upfront," Levinson says. He recommends creating a payment schedule with the contractor at the start -- wherein you pay a sizable portion only upon completion of a project. Johnson swears by the one-third theory.
Strathclyde Associates Trading and Management Construction Company is passionate in the belief that from adversity comes opportunity. We believe that sustainable competitive advantage is always predicated upon the focused execution of a few core strengths or principles that are endemic to each particular company.
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