Cyber Security and Credit Card Fraud: Vensim Model Analysis

This report provides an analysis of cyber security in the context of credit card fraud, exploring the application of the Vensim model, cybernetics, and the viable system model. It discusses the importance of cyber security in protecting against financial losses and preventing unauthorized access to funds. The report delves into various techniques, including monitoring credit card transactions and blocking stolen cards, to mitigate the risks associated with credit card fraud. It highlights the significance of cyber security in the modern digital landscape, where the increased use of debit and credit cards for online and offline shopping has made identity theft a major concern. The report also compares different techniques and theories, emphasizing the effectiveness of transaction monitoring and the viable system model in developing organizational adaptability for fraud prevention. This report is a valuable resource for understanding the complexities of cyber security and the measures needed to combat credit card fraud.

VENSIM MODEL

VENSIM MODEL
Background of business and systems analysis
theories & techniques
According to the Abawajy, Choo and
Islam, (2018) cyber security refers to structure of
procedures, technologies and practices designed to
secure networks, programs, data and devices from
attack or unauthorized access. It also referred to as
IT security that helps to prevent cyber-attacks,
credit card fraud and data breaches etc. different
types of business and system theories as well as
techniques in context of cyber security is taken to
secure credit card fraud.
Cybernetics is the science of communication and automatic control system in
living and machines things. This system is different types of automatic control
tools in electronic computers, biological population and human brain. Viable
system model is a separate cybernetic description that is suitable to autonomous
companies. It is model of organizational structure of any autonomous programs
able of producing itself. It helps to assure viability of company.
Cybernetics gives the concept of cyberspace, it makes more sense when
people interpret cyberspace as common boundary within cybernetic system, and
it includes cyber security. With this theory, it is very easy to explore the ideas of
cyber security that helps to save credit card fraud. Cybernetics is
interdisciplinary method of control theory, information theory and system
theory applied to regulatory programs as foundational method for developing
cyber security values. It represents interdisciplinary work of structure of
regulatory system, refer to the learning of how actions by this system cause
modification in environment that is understood by program can change their
nature.
Credit card fraud means unaccredited use of data to get illegal access to
people fund via credit cards. It happens when someone stolen credit card
of other person in society and used to make illegitimate purchase. It is
one of the illegal activity that has to stop as soon as possible, by using
different types of techniques. Van Bavel and et.al., (2019) stated that
cyber security is one of the best methods taken to protect residential
people against credit card fraud. With increased use of debit and credit
cards during online and offline shopping, identity theft is really starting
to gall cyber security experts. To reduce credit card fraud and prevent
people, different types of procedures considered in context of this. For
example, monitoring credit card transactions it the best process that help
to prevent this issue. It is very impressive to generate bank account and
credit card statements & scrutinize them more closely for any fraudulent
or fishy transaction.
Discussed by Khari and et.al., (2017) cyber security take on step
ahead in order to prevent credit card fraud. When people will subjected
to credit card fraud, they directly contact to cyber security where
professionals are able to block the card as soon as possible.
Discussed by Khari and et.al., (2017) cyber security take on step ahead in
order to prevent credit card fraud. When people will subjected to credit card
fraud, they directly contact to cyber security where professionals are able to
block the card as soon as possible.
Comparison between techniques and theories
From above, several types of techniques and theories related to cyber
security on credit card fraud has been taken, all are beneficial and provide their
benefits to handle this situation. Monitor credit card transactions is good
method that help to prevent people from credit card fraud. Credit card fraud is
inclusive term for fraud, cyber security plays vital role in context of this
problem. They are able to monitor any type of transaction through credit card
effectively and trace the place where card has been used.
It saves money and time of individual, who
efforts to find out its credit card at many places.
But as compare to this method, blocking is the
best techniques that gives results within short
term period. When card is stolen by other
person, cyber security have the facility to block
card that save further transactions. It is time
effective as well as cost effective technique that
give better results. Viable system model is
abstracted regulation theory (Cybernetic) it is
much better than any other theories related to
topic that is cyber security on credit card fraud.
It helps to develop organizational adaptability

effectiveness for prevent credit card fraud.
REFERENCES
Abawajy, J., Choo, K.K.R. and Islam, M.R., 2018. (Proceedings
of the) International Conference on Applications and
Techniques in Cyber Security and Intelligence:
applications and techniques in cyber security and
intelligence. In International Conference on
Applications and Techniques in Cyber Security and
Intelligence: ATCSI 2017. Springer.
Khari, M and et.al., 2017. Role of Cyber Security in Today's
Scenario. In Detecting and Mitigating Robotic Cyber
Security Risks (pp. 177-191). IGI Global.
van Bavel, R and et.al., 2019. Using protection motivation
theory in the design of nudges to improve online
security behavior. International Journal of Human-
Computer Studies. 123. pp.29-39.