News & Views - Savantor

More Fraud Figures

Wednesday, 01 February 2006

The latest card fraud figures are encouraging in showing a decline in total fraud as Chip and PIN technology finally begins to bite. 

 

2003

2004

2005

Total fraud

420.4

504.8 Up 20%

439.4 Down 13%

Counterfeit

110.6

129.7 Up 17%

96.8 Down 25%

Lost and Stolen

112.1

114.4 Up 2%

89.0 Down 22%

Mail not Received

45

72.9 Up 62%

40 Down 45%

Card Not Present

122.1

150.8 Up 24%

183.2 Up 21%

Phishing

 

12.2

23.2 Up 23%

ID Theft

30.2

36.9 Up 22%

30.5 Down 17%

ATM

41.1

74.6 Up 81%

65.8 Down 12%

 

The trend is significantly down in all areas with the exception of CNP and Phising.  The UK banks have been investigating Token Based Authentication (TBA) techniques for some time via APACS with a view to addressing the Phising fraud issues.  Reaction amongst the Banks has varied - LTSB have trialled it but say they have no plans to roll out whereas A&L are implementing a solution now. 

However, this is not addressing the CNP fraud which is where fraudsters seem to be directing their attention.  The technology for TBA could be adapted to work alongside existing strategies such as VbV and Securecode but as the Issuing Banks generally chargeback this type of fraud to retailers, the drive to implement this across all channels is perhaps not yet strong enough. The cost of implementing TBA across the whole card base is clearly an issue but with CNP fraud fast approaching the levels of Counterfeit and Lost and Stolen when Chip and PIN was introduced it may not be long before we see signs of this technology spreading to MOTO and online shopping as well as online banking.

For further discussion on this subject please email us at support@savantor.com

Savantor Services

Savantor Services

Savantor services are tailored to Client needs based on our core service areas

Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Savantor Services

Job Opportunities

Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe

View more
Savantor Services

Savantor Views

Find out more from our Savantor brochures, MarketEye back copies and Industry opinion

Collateral Market Eye News & Views Sign Up to receive MarketEye

Client Quotes

Credit Risk Review for New Product Launch

"We needed expert help at short notice and Savantor were very impressive in their response and knowledge. The results were very clear and useful, enabling us to quickly make good progress on the next steps."

Sami Karhunen, Head of Business Intelligence and SME Sales - Point Transaction Systems Oy - Finland

Credit Card Migration and Operational Support

"The bank has undergone significant transformation of its card business on both the issuing and acquiring sides. One business partner we have looked to for support in the areas of strategy, major project leadership, management analysis and ongoing business support is Savantor. The Savantor team has contributed to our success as we have leveraged their deep industry knowledge and broad range of operational skills."

Sean Sheehan, Service Management Director - Bank of Ireland

Acquirer Strategy and Operating Model

"Savantor brought an effective blend of European acquirer market expertise and transaction processing solution design. Their experts quickly forged strong working relationships with our team. We enjoyed working with them to create our future acquirer strategy."

Mikko Hyttinen, SVP - Lending Services - OP-Pohjola Group - Finland

Payments Platform Strategy and Sourcing

"We were in urgent need of external independent expertise to supplement our internal resources. Senior consultants had to quickly integrate with our team and actively contribute. Their experts quickly forged strong working relationships and delivered to our brief. We enjoyed working with them to develop our future platform strategy."

Evert R Fekkes, SVP - Payment & Savings Services - Rabobank Nederland

Acquirer Risk Assessment

"The expertise provided by Savantor has greatly helped us evaluate our risk position and to take the right steps in managing our future risks. Strong, disciplined planning and an ongoing willingness to work closely with our staff played an enormous part in making this a very successful well-delivered project which will greatly help us in achieving our business goals."

Mark Healy, Chief Risk Officer - NEOVIA Financial - UK

Collections Transformation

"Savantor did an absolutely superb job for us on the Collections programme. The professionalism, hard work, courtesy and tenacity of their experts is a credit both to the individuals and to Savantor."

Peter O'Dea, Senior Manager - Collections Department - Permanent tsb bank - Ireland

Credit Card Launch

"Savantor's knowledge and experience were the key differentiators in selecting them and they contributed greatly to the success of the product launch and the effectiveness of the ongoing operational service."

Toine Schepers, Operations Director - Primeline - The Netherlands

EMV Migration Planning

"It was a strategic imperative for the bank to be EMV compliant for our payment cards and the experience that Savantor brought to the company has proved to be invaluable."

Eddie Sweeney, Chief Technology Officer - AIB Bank - Ireland

Clients - Request Support

Send us a support request and one of our specialists will be in contact to assist you.

Consultants – Upload your CV

Register your CV with us and gain access to a range of job opportunities through our online job search portal.