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News

Bank Payment Risks Set To Migrate Over Next 5 Years Warns ValidSoft

ValidSoft : 16 April, 2010  (Technical Article)
With predictions of increased use of debit card transactions over the next five years, Validsoft believes anti-fraud models need to evolve to meet the changing risks
Research from The Payments Council predicts that cash payments will account for less than half of all transactions in five years' time. Debit card transactions are now the most popular form of spending, accounting for £264bn in 2009.

ValidSoft, a payments security specialist, recognises that with this inexorable shift from notes to plastic, early detection and resolution of fraudulent card-based transactions will become increasingly important, and new detection techniques will be required.

"Despite the introduction of Chip-and-PIN, domestic card-present fraud in the UK continues to be a problem and will only continue to evolve as card usage increases and fraudsters resort to ever increasing sophisticated fraud methods. Achieving earlier, more accurate detection of fraudulent domestic payments necessitates the introduction of new more effective technologies. Similarly, the change in spending patterns from the High street to the Internet will also drive the evolution of advanced card-not-present fraud prevention solutions." said Pat Carroll. CEO, ValidSoft.

"We believe that evolution has begun and the technologies required already exist. For example, telecommunications-based proximity correlation analysis, introduces a new, invisible factor in the fight against card fraud, and one that will have major positive consequences in the way card-fraud, and equally important false positives, are managed."
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