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    Document Summary
    - Report Published -

    Senate Document No. 22
    PUBLICATION YEAR 1991

    Document Title
    Credit Card Fraud

    Author
    Joint Subcommittee

    Enabling Authority
    SJR 131 (1990)

    Executive Summary
    Senate Joint Resolution No. 131 was introduced during the 1990 Session of the General Assembly by Senator Moody E. Stallings of Virginia Beach, upon request of the Attorney General. The resolution called for an eleven-member joint subcommittee to ". . . determine whether Virginia's statutes relating to credit card fraud adequately provide courts and prosecutors with the [necessary] tools. . ." to deter and effectively and efficiently prosecute the growing credit card fraud problem. Annual losses of between $100 to $300 million suffered by financial institutions as a result of fraudulent telemarketing schemes are cited in the resolution as evidence of the extent of the problem. The increasing use of fraudulent applications and brokering and factoring schemes is also mentioned.