Today's announcement by APACS (the Association of Payment and Clearing
Services) that card-not-present (CNP) fraud has surged by over a third in the past year is obviously unwelcome news for retailers. After all, they foot the bill, not the banks or consumers.
The 3rd Man and Datacash - http://www.the3rdman.co.uk and http://www.datacash.com - are two companies that have been spreading the word regarding the increased dangers of a growing CNP threat. Later this month, both companies, together with other expert speakers from the banking, retail and crime-fighting industries, will be explaining how the growing threat of fraud in the CNP sector can be dealt with effectively by retailers.
Commenting on today's announcement by APACS, Paul Simms, Risk Consultant at the 3rd Man, a company that specialises in fighting CNP crime, said: "For some months now we have been spreading the word that card-not-present fraud will become a major problem for retailers as the new Chip and PIN programme is introduced. The figures published today by APACS are not a surprise to us. It's remarkable how many retailers are still unprotected, despite the noise surrounding the introduction of Chip and PIN."
He added: "There are measures that retailers can take to protect themselves, but they need to know how to go about it properly."
David Hulme, Head of Sales at Datacash, a company that specialises in real-time online processing and screening of cards, agrees. He said: "It is widely predicted that the roll-out of Chip and PIN will result in a mass switch by fraudsters to card-not-present. APACS' announcement today is a wake up call to retailers, but it will be nothing compared to the size of the problem if more advice and support isn't given quickly."
Further details of the event: "Migration of Fraud to your Online, Mail Order or Call Centre Business Channels" (November 26, London), are available from firstname.lastname@example.org or by telephone: 0207 421 9282.
For further press comment, please contact Glen Goldsmith on: 07812 766338 or by email: email@example.com
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