Archives for September 2015

Dip please, do not swipe! Part II

By Steve Simmerman | 09/02/2015 | 8:11 PM

Seems many small/medium businesses are falling behind in terms of complying with new chip cards according to a story in the Wall Street Journal

It seems we may be in for a longer journey than anticipated as the new chip cards are helping to reduce fraud at the point of sale, but on-line fraud is on the rise and as e-commerce continues to explode it looks like 'tokenization' will be the buzzword of the future...stay tuned.

An excerpt from the story by the Wall Street Journal:

The switch-over won’t solve all payment fraud. In the U.K., losses due to counterfeit cards fell by 56% between 2005 and 2013, after chip-enabled cards were rolled out, according to Aite Group, but online fraud jumped by 64%.

Payment industry officials say they also are trying to prevent a run up in online fraud with new security measures such as tokenization, in which card numbers are turned into unique digital codes. “There are now more solutions to identify and detect online fraud,” said Stephanie Ericksen, a vice president with Visa Inc.


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