Law enforcement group expects credit card fraud to grow
According to the 2009 Report on Organized Crime in Canada, the switch to Chip and PIN will have no impact on eCommerce credit/debit card fraud...(Don't Type...Swipe!)
...chiptechnology has no impact on the security of credit cards when used topurchase items online, by mail order or by phone.
The increasing popularity of online banking will likely lead to an increase in credit and debit card fraud, says a new report from a group of law enforcement agencies.
According to the 2009 Report on Organized Crime in Canada, the switch to Chip and PIN will have no impact on eCommerce credit/debit card fraud...(Don't Type...Swipe!)
...chiptechnology has no impact on the security of credit cards when used topurchase items online, by mail order or by phone.
The increasing popularity of online banking will likely lead to an increase in credit and debit card fraud, says a new report from a group of law enforcement agencies.
In the 2009 Report on Organized Crime in Canada, released Friday in Charlottetown, Criminal Intelligence Service Canada outlines the state of organized criminal activity in Canada, from street gangs to global networks.
While officials said overall organized crime appeared to be neither growing nor shrinking, CISC expects to see more credit and debit card fraud in the future.
"The ease with which payment card fraud can be undertaken and the profitability of this activity make it an attractive market for both opportunists and organized crime groups," says the report.Hackers are targeting online sites and using various methods to steal credit card information. With more internet banking, this criminal activity is likely to become more lucrative, and more common, the report concludes...
(click the picture on the right to enlarge and read)
Excerpt from the Report:
Credit card fraud and Interac statistics provided by the Canadian Bankers Association shows combined annual losses due to debit and credit card fraud in Canada exceeded $500 million in 2008. Recorded losses from debit card fraud in Canada decreased slightly from losses in the previous year, while those from credit card fraud increased. The bulk of credit card fraud losses are attributed to counterfeiting and fraudulent purchases, suggesting an increase in organized criminal operations.
Currently, hackers are targeting online sites and using malware and keystroke-logger programs to steal credit card data in order to bypass the need for skimming activity. This trend is likely to increase as online banking continues to grow in popularity.
A transition from magnetic stripe debit and credit cards to ones embedded with
microchip technology is currently underway in Canada; however, a complete implementation of the technology is expected to take several years. Furthermore, chip technology has no impact on the security of credit cards when used to purchase items online, by mail order or by phone.
A transition from magnetic stripe debit and credit cards to ones embedded with
microchip technology is currently underway in Canada; however, a complete implementation of the technology is expected to take several years. Furthermore, chip technology has no impact on the security of credit cards when used to purchase items online, by mail order or by phone.
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