SecureIDNews | Despite Chip and PIN, fraud still a problem in the UK

Monday, March 16, 2009

Credit card fraud is on the rise in the UK despite deploying Chip and PIN five years ago, according to a report in The Independent. The latest figured points to 600 million pounds of credit card fraud in 2008, compared to 535 million pounds in 2007.

Organized criminals have switched from card present fraud to card not present fraud, making purchases over the Internet. A substantial portion of fraud on UK cards has taken place overseas as well. Several for card fraud have been identified, such as the U.S., Canada and the Far East.

In an effort to increase the security of the current EMV chip and PIN, SmartMetric has created an EMV card enhanced with biometrics.

The SmartMetric Chip & Biometric EMV Card incorporates fingerprints to activate the card. It’s designed to increase the security of standard EMV chip and PIN cards, which SmartMetric claims are still vulnerable to fraud attacks, even though they are safer than a magnetic stripe card.

I Love Velvet mobile payment obtains EMV2 certification

Mobile payment solution provider I Love Velvet announced that it has reached the second level of EMV certification (EMV2) which authorizes PIN and integrated chip payments from debit, credit and smart cards around the world.

Singapore sets mandates for ATM cards with smart chips

In an effort to reduce fraud, the Association of Banks in Singapor announced that it has set guidelines regarding the implementation of smart chips in ATM cards in Singapore.

Visa chip cards hit 1 million in U.S.

Visa has announced that more than 1 million EMV chip-enabled cards have been issued by U.S. financial institutions as of December 31, 2011.

Just 18 months ago there were no Visa-branded EMV chip cards issued in the U.S. according to Visa’s Stephanie Ericksen, who attributes the sudden growth to U.S. issuers accepting Visa’s EMV and mobile payments road map.

Visa: U.S. EMV doesn’t mean chip and PIN

EMV in the U.S. won’t be chip and PIN but instead a new technology that takes advantage of the online infrastructure available in the U.S., according to Stephanie Ericksen, head of Authentication Product Integration at Visa USA.

MaxMind and TeleSign partner, release multilayer fraud prevention

Internet fraud prevention and user authentication provider TeleSign and IP geolocation and online fraud detection company MaxMind have joined forces to create a multilayer fraud prevention service.

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Despite Chip and PIN, fraud still a problem in the UK