Feeds

Visa and Mastercard turn the screws on online fraudsters

It'll be harder to spend other peoples cash, honest

  • alert
  • submit to reddit

Top three mobile application threats

Credit card companies are tightening up their security procedures following a massive rise in card fraud last year.

Visa and Mastercard have launched a joint initiative that will end with card holders being required to submit more detailed information when using cards for purchases over the phone or online.

Fraudulent transactions worth £190 million were made in the last year, according to the Association for Payment Clearing. Although only £4 million of this is thought to be Internet related, the ecommerce boom has driven the issue into the public eye.

The two card giants are reportedly planning to put a three-digit number of the back of all newly issued cards. This number will also have to be given when paying for goods in any way other than in person. Confirmation of a home address will also be required.

Other reports suggest that card companies are thinking of ditching signatures entirely, and moving to a pin number system that has to be typed in at the point of purchase, as is currently used in France.

According to some industry specialists, as many as 10 per cent of online credit card transactions may be fraudulent. It is widely known that the Internet is used as a testing ground for stolen cards and card numbers. Numbers that work are then used in the manufacture of fake cards. ®

Related Stories:
Hacking credit cards preposterously easy
FBI tracks Bill Gates credit card hackers to Welsh Village
PowerGen gives lesson in stupidity
Porn site faces credit card fraud fines

Build a business case: developing custom apps

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.