With card fraud and identify theft continuing to hit the headlines, Jason Roos, CEO of technology company Cirrus, discusses why it pays to know about payment standards when using your credit or debit card online or on the phone.
In today’s increasingly cashless society, we all rely on using cards for payments. We happily relay our account and credit card details on the phone without a second thought, trusting that the company that we are dealing with will manage our card data securely. But how safe are our details?
Major card fraud losses recorded in 2018
According to UK Finance(i), the theft of personal and financial details through social scams and data breaches was a major contributor to fraud losses in 2018. In fact, data breaches involving just three well-known brands are reported to have resulted in the attempted compromise of around 6.3 million payment card details.
The finance industry cannot tackle fraud alone, which...