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

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Chris Mason, Director - Commercial Cards EMEA - Citi - UK

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Marie Costers, General Manager - Clear2Pay Open Test Solutions

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

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