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Chip and pin reducing face-to-face fraud
Published: 03/05/2007 |
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Face-to-face credit card and debit card fraud has declined by 67 per cent since the introduction of chip and pin cards two years ago, however overall card fraud has only fallen by the slightest of margins. Payment association Apacs stated at the recent Retail Fraud conference in London that face-to-face fraud had fallen from £220 million to £70 million. This is due to the fact that 94 per cent of face-to-face transactions are now verified by pin number. However, fraudsters are increasingly turning to card-not-present (CNP) scams and overseas transactions, said Apacs. Furthermore, Martin Lewis, cards and fraud control manager of operations at Apacs, warned that pin protected transfers were still not entirely fraud-proof, with 'shoulder surfing' to detect pin numbers still prevalent. "We've even seen a case where a camera was hidden in a charity box at the counter to capture pins," he said. Apacs recently issued standards to Barclays for its new handheld chip and pin reader. The device, which is the first of its kind, will be implemented in the home and should hopefully reduce the number of CNP transactions that customers make.  © Adfero Ltd
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