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Feb 2010 - Are we doing enough to fight fraud?Some interesting research commissioned by CyberSource has shown that whilst awareness of online security is improving there is still some way to go. The survey showed that: • 85% of respondents say they look for signs that the payment page is secure, whilst 3D Secure schemes are being used by 69% of respondents.• 24% of UK adults consider that retailers are primarily responsible for making online shopping safer.• 12% of polled consumers see themselves as personally responsible.• 16% of respondents feel that banks are answerable.If all the recent coverage of the Cambridge research findings about supposed chip and PIN weaknesses has done one thing it is to question whether the industry is doing enough to make life difficult for the fraudsters. One blog by Andy Brown came up with ideas such as • do not allow EMV cards to be verified by signature, unless the card-holder is travelling overseas, or cannot enter a PIN due to some disability.• get the Schemes to mandate that the CVMR data gets passed from the acquirer to the issuer.• by checking the CVR information, banks can implement a ‘floor limit’ for all EMV transactions that haven’t been PIN verified, so there is a cap on the amount that could ever be spent.All of which seem reasonable ideas and there are probably various settings on the card that should be updated in the light of recent experience but probably haven’t been looked at by some issuers since chip and PIN was introduced. Might be a good time for a review. Back to Headlines
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