credit card fraud

Visa continues its course of strengthening fraud detection through investments in modelling software. The global payments network states that now it is detecting over twice as much fraud on the riskiest transactions using the new systems. Besides, it can also detect more than three times the amount of fraudulent cross-border fraud than was previously identified.

Visa has implemented a number of alterations to update its global processing platform, called VisaNet, developing new fraud models that enhance the speed and accuracy with which Visa detects attempted payment card fraud.

First Data has granted its approval to electronic payment and digital transactions solutions provider Hypercom Corporation as an encrypting service organization for remote key injection. Now Hypercom’s HyperSafe® Remote Key System will be available through First Data’s TASQ Technology.

Besides, Hypercom is teaming with First Data to implement the First Data® TransArmorSM solution as a significant advance in the payment industry’s attack on card data fraud.

Thinking Money, a free financial advice and news site, counted up that credit card fraud losses total GBP609.9m, online banking fraud losses total GBP52.5m and cheque fraud total GBP41.9m. Credit card fraud is rising and, as the Association for Payment Clearing Services – APACS states, around 50% of this is now coming from card-not-present (CNP) fraud.

According to the local sources the police initiated a credit card fraud investigation after the employees at an Ikea in central Sweden discovered a suspicious device attached to one of the store's card payment machines. The police was called at about 2pm on Monday afternoon when workers at the Jonkoping Ikea found what they believed to be skimming equipment attached to a card reader at one of the store's self-service check out aisles.