Category: Credit Card Fraud

Pin and Chip

Countering Card Fraud: Is Chip & Pin Technology Enough?

EuroPay, MasterCard and Visa (EMV) is a technical standard developed to ensure more secure Point-Of-Sale (POS) transactions. EMV allows non-static information to be transferred between the card, the terminal, and the financial institution that processes credit card transactions. This takes care of skimming fraud where fake devices would copy data from magnetic stripes and use it on another card. While EMV is not new technology and has...

Unauthorized Payments

Fraud-proofing Credit Cards Intelligently

While credit cards have transformed purchase transactions, it has not been without simultaneously growing vulnerabilities. Financial fraud losses across payment cards, remote banking and cheques totalled £755 million in 2015 – a 26% jump when compared to 2014 says Financial Fraud Action UK. It says that the rise across all fraud loss types during 2015 owes much to the growth of impersonation and deception scams, as well...