Card Not Present transactions are retail payments that are made without the card holder being present at the point of sale. This usually means telephone sales but is increasingly associated with internet sales transactions. Given the opportunities for fraud that this provides, the card issuers and some independent vendors have come up with anti-fraud measures such as subscriber passwords and card security codes (CSC) which are printed on the card signature panel.
Fraud prevention specialists, the 3rd Man, is questioning the latest fraud figures released by APACS, particularly as the losses announced need to include fraudulent transactions on non-UK issued cards, and this is not clear.
Nick Ogden, CEO of Voice Commerce comments on the latest statistics from the UK Cards Association on UK bank card fraud with continued fraud reduction perceived by Voice Commerce as being related to issues regarding ease of use of authentication systems