Trends in Smartcard fraud

Trends in Smartcard Fraud

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Date ?485 million 709 million ) in losses (Berrong , 2009 . This has raised an overwhelming concern , both in Europe and across the globe . Various groups of information security experts are advising consumers on how to recognize some of the most popular ATM fraud schemes and how to avoid becoming victims . Among the security weaknesses identified include storing information on magnetic stripe , which is simple to copy and counterfeit . To address this problem , smartcard technology has been adopted . Smartcards , also known as

Chip and PIN cards or Chip cards have a microchip embedded in the card . A microchip (also called an integrated circuit ) is a unit of packaged computer circuitry (Berrong 2009 . They are made such that they have both logic and memory . This has seen a significant reduction on the incidences of card fraud in the UK but still losses from fraudulent card use are witnessed (Burns Weir 2008 .In this , I will explore in detail the context of smartcard introduction and describe the types of fraud that remain a threat to cardholders and other stakeholders in the card system

In Great Britain , nearly 20 of the adult population has been targeted as part of a credit or debit card scam (Burns Weir , 2008 . Comparing UK with the whole of Europe , a research by European Security Transport Association (ESTA ) shows that UK citizens are twice likely to become victims of card fraud . Even according to the media , introduction of smartcard...