Going cashless: the heat is on

It seems that Canada’s revamped polymer currency isn’t quite holding up the way they hoped. Recent reports say the money has been melting when placed too close to a heater or when left in a hot car. Not a problem they thought they’d have in the Canadian climate, I’m sure.

Using Mobile Innovation to Reduce Fraud

The Observatory for Payment Card Security recently released a report on card fraud in France and looked at several channels, including online and face-to-face payments. The data showed the overall rate of fraud in card transactions rose to 0.077% in 2011 from 0.074% in 2010. The rate of fraud in remote transactions, which includes purchases on the Internet, was 0.321% in 2011, while the rate of fraud in transactions made in person was 0.015%.

Personal fraud management: staying a step ahead

I just finished reading an article which discussed how to avoid becoming a fraud victim. The author discussed various schemes facing consumers today (e.g. e-mail scams, online banking fraud, etc.), ways to avoid or combat said attacks (e.g. anti-virus software) and ways to recoup lost money from a fraud scam (which can be contingent on how responsible you are as a consumer).

Reflections on AFP

NACHA proposals swing spotlight back to real-time fraud prevention

Whenever real-time payments are discussed, the issues of credit, financial risk, and fraud prevention and detection are not far behind. So when NACHA announced that it was issuing proposals for a same-day ACH payment scheme in the US, I am sure that the issues of risk and payment fraud were front of mind for many in the industry.

Why EMV?

Why does the world care about EMV? The first, second and third reason is about stemming fraud losses.

Card fraud increases 60 per cent in 18 months

ACI’s 2010 Global Card Fraud Survey has been making a splash in the media over the last few weeks. According to our research, approaching a third (29 per cent) of consumers across eight major economies have been victims of card fraud in the past five years. This is up from less than a fifth (18 per cent) in summer 2009.

We have a collective responsibility for fraud

News out today from the National Fraud Authority (NFA) shows that fraud costs the UK economy £38bn a year – leaving every adult in the UK £765 worse off.

Not Just Another Manic Monday

According to Kelkoo – the online retail comparison website – and Visa Europe, Monday 29 November is the busiest online shopping day of the year. Visa Europe expects 3.8m purchases worth £265m to be made using Visa cards and Kelkoo says that online shoppers are expected to spend £537m on Christmas gifts today.

Direct Debit Fraud at an All Time High

It is worthwhile remembering that there is actually more than one victim involved in Direct Debit fraud. The Paying Bank executes the payment against a fraudulent direct debit mandate, and the Collecting Bank receives the fraudulent payment, whose customer provides goods and services – for simplicity let's assume they are in fact legitimate in the first place.