Source: National Cyber Security – Produced By Gregory Evans
CREDIT CARDfraud is on the rise in the United States. In 2014 alone, nearly 32 million customers had their credit card accounts breached. While the majority ofCREDIT CARD FRAUD incidents (45 percent) were related to online or card-not-present transactions, in which thieves used stolen card numbers to make online purchases, the second most common type of fraud was related to counterfeit cards. An astounding 37 percent of fraudulent transactions were due to criminals making fake cards using real customerACCOUNT information, and then using them to make purchases. The recent introduction of EMV, or chip-and-PIN cards, to U.S. consumers is in part designed to prevent credit card counterfeiting. Because individual transaction details, including account information, is encrypted into a one-time use code that is sent to the processor, it’s going to become more difficult for hackers and thieves to access the information that they need to make counterfeit cards. However, while chip-and-PIN cards are only just beginning to gain traction among banks, scientists remain hard at work to develop even more technology that will protect consumers and eliminate credit card fraud. Biometrics and Credit Cards Most of us by now are familiar with biometrics — the use of personal, unique characteristics […]
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