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News

Increasing card fraud proves chip and pin isn't enough

Gridsure : 02 October, 2008  (Technical Article)
GridSure argues that new approaches to card not present payment security is needed due to a continuing rise in card payment fraud
Latest figures from UK Payments Association APACS reveal plastic card fraud is still rising fast - having gone up 14% to £301.7M in the first six months of 2008. These statistics make for worrying reading according to GrIDsure which is calling for the industry to admit that, while Chip and PIN has had some successes on the high street, it is simply inadequate in tackling much of today's card crime being committed online and overseas.

GrIDsure acknowledges that MasterCard SecureCode and Verified by Visa has many strengths when purchasing online but it is let down by the complexity of the password and this causes difficulty for many consumers. Similarly the sleeve readers being rolled out by some institutions are failing to find favour with the public.

"It's quite incredible that we're still viewing Chip and PIN as the be all and end all in the fight against card fraud," said Jonathan Craymer, Chairman, GrIDsure. "As these latest figures show, overseas fraud accounts for 40% of total card fraud losses. Surely it's time to find a solution that effectively addresses transaction authentication, not just on the UK high street, but also online and abroad.

"Right now, using your card overseas can pose significant risks. With the European banking industry not set to complete Chip and PIN rollout until 2010, there's a huge window of opportunity for the fraudsters to make money, and that's without even considering North America and the rest of the world," continued Craymer. "Clearly the fraudsters have been busy on a number of fronts, as web banking losses are up a staggering 185%, which further underlines the need for better online authentication systems to protect all types of account holder."
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