News & Views - Savantor

It’s not all about geography

Friday, 29 October 2010

Much is written about geographic areas of the world which still have to migrate to EMV but less is said about industries that are still using predominantly mag stripe cards. Fuel card usage is one such area which has been reported on recently. Fraud on fuel cards was believed to have amounted to some £40m in 2009, according to fuel card firm Keyfuels.

Keyfuels bases the figure on its own fraud protection data, from which it has calculated a best-estimate national total based on its market share. The company says fuel card fraud has risen by 6% compared with two years ago. Now that many POI systems have stronger security skimmers are targeting less protected systems such as petrol pumps and tolls. Apparently many fuel dispensers fail to implement encryption at the immediate POS steering transaction to the station's central terminal before they are encrypted. This is clearly a hole fraudsters can exploit not to mention being against PCI rules.

Geography also matters little in the internet economy where research from the Boston Consulting Group shows that the United Kingdom ranks sixth in terms of e-commerce contribution to GDP, scoring similarly to the Netherlands, Norway and Finland and better than Germany, the US and France. Findings suggest that Denmark is the highest-ranked country.

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