Free Newsletter
Register for our Free Newsletters
Access Control
Deutsche Zone (German Zone)
Education, Training and Professional Services
Government Programmes
Guarding, Equipment and Enforcement
Industrial Computing Security
IT Security
Physical Security
View All
Other Carouselweb publications
Carousel Web
Defense File
New Materials
Pro Health Zone
Pro Manufacturing Zone
Pro Security Zone
Web Lec

Bank card fraudsters driven overseas by chip and pin

Telindus : 03 October, 2007  (Technical Article)
Increases in overseas bank fraud since chip and pin was introduced in the UK indicates effectiveness of technology in deterring criminals.
Today's report released by banking payments body Apacs, revealing that fraud abroad increased by 126 per cent in the first six months of 2006 due to the UK's chip-and-pin system, is a testament to the effectiveness of this new technology and PCI regulations. Andrew Hewson, Risk Mitigation Specialist at Telindus, feels that while the UK has benefited from chip-and-pin our success raises concern for others, as fraudsters are now being driven overseas to use copied stolen cards, potentially hitting the UK's millions of tourists.

"Thanks to PCI, financial institutes are now offering increased security, but the biggest danger is social engineering or phishing. This high tech defence has overlooked the low tech route of verbal phishing. Although most people are familiar with the e-mails they receive asking for bank details, many still readily answer security questions over the phone without confirming the caller's identity. Details such as a name, address and date of birth can go along way to help criminals piece together their target's profile like a jigsaw puzzle.

"To solve this issue, financial institutions need to put in place 'challenge and response' passwords, whereby the organisation provides a password to the user as proof of identity and receives the end users response to confirm identity."

To reduce their risk of being a victim of fraud, tourists can follow the following simple steps:.

* When signing for goods or services always check the amount.
* If there is any need to resign the slip, always request the damaged slip and destroy it yourself.
* Ask for the carbon paper insert as well as the receipt.
* Keep a record of all your transactions, no matter how small, in a notebook and check your statements carefully against till receipts.
* Make sure that the card remains in your sight whilst the transaction goes through. Do not let them take it away as a copy can be made in seconds.
* If you have any cause for concern contact your credit card company IMMEDIATELY with all the details.
* Never use your date of birth as your pin code.
Bookmark and Share
Home I Editor's Blog I News by Zone I News by Date I News by Category I Special Reports I Directory I Events I Advertise I Submit Your News I About Us I Guides
   © 2012
Netgains Logo