Official 2008 cardfraud figures show chip and PIN continuing to drive fraudsters onlineor to those cards not yet reliant on PIN protection to authorisepayments.
ITPro.com By Miya Knights,
Themain driver for growth in card fraud is on those transactions withoutchip and PIN protection, the main UK payment industry body, Apacs said today, as it released its fraud figures for 2008.
Card-not-present (CNP) fraud losses increased by 13 per cent overthe last year to now account for 54 per cent of all card fraud losses.This also amounts of a rise in CNP fraud of 243 per cent between 2001to 2008.
Editor's Note: In addition to providing e-consumers with the ability to transact in a dually-authenticated manner, (What they have/Card, What they Know/PIN) HomeATM also reduces fraud by transforming CNP transactions into Card Present (CP) transactions. The end result? CP transactions cost less to process, PIN costs less to process. Why? Because they are MORE SECURE!. How Secure? PCI 2.0 PED secure!
But Apacs said this reflected the growing popularity of shoppingonline, which relies on CNP payments, and providing a lucrativealternative to criminals forced to look for alternatives with theadoption of chip and PIN.
It added that tackling CNP fraud was an industry priority, as itcontinues to encourage cardholder and retailer take-up of secure onlinepayment systems that help prevent online shopping fraud, such asMasterCard SecureCode and Verified by Visa.
Overall, card fraud losses total £609.9 million, online bankingfraud losses £52.5 million and cheque fraud losses £41.9 million.
Online banking fraud losses grew 132 per cent on 2007 levels, duemainly to an increase in phishing, Apacs said. At the same time, onlinebanking customers without sufficient security protection areincreasingly being targeted by malware attacks.
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