AOL Money’s Jess Brown writes that online card fraud could be set to soar over the next few months…
When chip-and-pin technology was introduced in the UK more than 10 years ago, it made a big dent in fraud involving debit and credit cards being used in shops and restaurants. However, it also prompted a rise in online, card-not-present fraud. The same thing happened in France, where online card fraud went up by around 20% between 2007 and 2011.
When the liability for US card fraud switches to retailers who have failed to insist on the customer entering a pin on October 1, fraud experts are therefore forecasting a rise in online card fraud around the world. Security company Global Risk Technologies™ is urging UK businesses to prepare themselves for an increase in fraudulent activity as a result.
Monica Eaton-Cardone said: “Small business in the UK should prepare now by identifying and following best practice strategies to stay secure once the liability deadline hits.
“Speedy delivery of goods combined with an effective paper trail keeps customers happy and can also help highlight potentially fraudulent transactions.”
