Increased risk of card fraud in November means customers need to stay safe, says Aspect Software06/11/14, London, UK
November is a prime time for card fraudsters, with data science company Feedzai claiming that in 2013 the 10 days with the most Card Not Present (CNP) fraud were in this month. Keiron Dalton, a mobile security expertat Aspect Software, believes that banks and retailers need to find a balance between offering shoppers quick solutions and providing reliable security in order to keep people safe at this dangerous time of year.
Dalton, who is Product Manager Aspect Proactive Engagement Suite (PES), said: “This report really highlights the dangers that customers face at this time of year when shopping online, through the phone or through mail order, and it is important that steps are taken to make sure we don’t have a repeat this year.
“The demands of the consumer continue to weigh on the minds of retailers and financial services companies such as payment gateways, merchant acquirers and banks, since speed and mobility is what they crave and expect. People want to be able to access their bank accounts, make transfers and payments, as well as buy goods whenever they want and wherever they are from their mobile device, but with complete and utter trust in the fact their personal data is completely protected,” he said.
“A good example is CNP fraud, because although very useful for many consumers, it leaves them vulnerable in that it can be difficult to prove that the person making the purchase is the cardholder. So do we compromise on security, or making the customer happy?” he questioned.
Dalton continued: “It’s certainly not just more established methods of payment that are under threat, or even fast-growth channels like mobile payments. Think about Twitter’s “click to buy” scheme, or methods that involve waving an NFC and Bluetooth-enabled mobile device in a store.
“We aren’t asking banks to kindly invest their Christmas money in state-of-the-art technologies that add more layers of security and more blockages to transactions that should continue to be easy and quick. This is about raising awareness of the fact that fraud follows the channel of adoption; bad intentions will always find the weakest link in each new development. We need to prevent it before it occurs,” he said.
Dalton believes that security has to become more of a focus, especially as the festive period approaches, to help tackle the increased fraud seen at this time of year.
He said: “Fraudsters will be aware of the increased shopping that takes place digitally and through mobile at this time of year, so will be primed to strike as soon as the rush hits. Banks and retailers need to make sure that while they are offering the quick and simple shopping solutions to keep them competitive, they are also to be able to offer users a secure experience.”
Dalton concluded: “We may all be looking forward to giving and sharing with loved ones, and banks and retailers are doing what they can to make sure that we are able to do that. However, if this trend continues year-on-year, customers could grow disillusioned with the services that these businesses provide, which is why offering a safe and secure service, with all the simple usability customers want will mean everyone has a happy holiday.”
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