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News

Increased card fraud demands alternative to PIN protection

Gridsure : 30 January, 2009  (Technical Article)
Crisis fuelled credit card fraud increase in the UK drives requirement to seek more secure approach to fraud prevention than simple PIN codes, according to GrIDsure
New research by card protection company CPP has highlighted a 25 percent rise in credit card fraud during the economic downturn, with London maintaining its title as fraud capital. Authentication expert GrIDsure believes these latest figures prove it is time for the industry to stand up and finally take action rather than continually shift the blame.

"These latest figures come as no surprise. In terms of authentication, online has always come second to the high street, but with consumers flocking to their PCs it's time online security for consumers was made a priority rather than afterthought. Chip and PIN may have addressed a need on the high street and been successful in reducing fraud over the counter; however it is a pre-internet technology that has merely shifted the focus of fraudsters and made security more difficult for consumers. In this day and age, people want a solution that works both on the high street and online, without the need for unnecessary PIN devices," said Jonathan Craymer, chairman of GrIDsure.

"As record amounts are being spent online the industry needs to act now. Banks and other organisations may be avoiding rolling out new security measures through fear it will be costly but systems are available that can actually increase security whilst reducing costs. It is vital that the PIN/password aspect of systems is toughened up, as it has become every fraudsters 'friend'. Introducing small incremental changes such as the use of one-time PINs and passwords will immediately strengthen security.

"The fact that it has been suggested that a lack of resources is hindering police efforts to curtail the problem is just ridiculous and yet again another attempt to shift the blame, which is something this industry is great at doing - if it's not the customer, it's another organisation. Surely if more was being done by the banks to prevent the problem happening in the first place the issue would not fall to the police, particularly since the responsibility for card fraud was changed in 2007 from the police back to the cards industry," continued Craymer
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