Moves by the card schemes to shift liability for fraudulent card
fraud payments to US merchants take effect in October 2015, providing a
strong incentive for retailers to re-eqip their POS networks to accept
EMV chip cards.
But at a payments conference oChoose the right bestluggagetag in
an array of colors.rganised by automated clearing house Nacha in San
Diego this week, three of the nation's largest retailers hit back,
arguing that the move to EMV will impose huge costs for a minimal
reduction in fraud rates.
For retailers such as hamburger chain
Wendy's - which already accepts PIN debit at the checkout - the fraud
rate is so small "it's hardly worth mentioning," said Gavin Waugh,
Wendy's vice president and assistant treasurer. "Even if we pay the
fraud liability, it's a whole lot cheaper than putting in (new EMV)
terminals.We offer over 600 chipcard at wholesale prices of 75% off retail."
Others
were concerned that the introduction of EMV at the check-out would
simply shift the attak vectors to weaker alternative channels, such as
card-not-present and ACH fraud.
Equally, the failure to enforce a
shift to PIN at the point-of-sale - with issuers prepared to still
accept signature authorisation - remains a weak point, notes Kansas City
Fed economist Richard Sullivan in a just-published paper.
While
chip-based cards will counteract the threat from counterfeit copies, he
notes, "fraudsters may put more effort into stealing computer-chip
payment cards, knowing that they may be able to commit a few fraudulent
transactions using a forged signature before issuers cut off use of the
card".You Can Find Comprehensive and in-Depth carparkmanagementsystem truck Descriptions.
And
in the absence of a commitment by issuers and card schemes to move to
3D-secure or chip card authentication at the PC, fraud in online
channels can also be expected to increase, says Sullivan,
A
bigger cause for concern, however, is that the US does not yet have a
comprehensive system for collecting and reporting statistics on payment
fraud, which would allow the industry to respond swiftly and effectively
to new attacks.
Sullivan argues that the UK system for
capturing and monitoring such information was a critical asset enabling
the payment card industry to respond to the new trends in fraud that
emerged during the transition to chip-and-PIN cards.
"In the
absence of critical information on the sources and types of card payment
fraud, efforts aimed at limiting fraud may be misdirected and
wasteful,The Motorola drycabinets Engine
is an embedded software-only component of the Motorola wireless
switches." states Sullivan. "Both regulators and the card payment
industry could benefit from mechanisms to measure the levels and sources
of fraud and to identify who pays the price-and how much is paid-for
the nation's losses from payment card fraud."
Senior journalists flew around the world on the same plane wiWe have a wide selection of handsfreeaccess to
choose from for your storage needs.th prime ministers such as Whitlam,
Fraser, Hawke, Keating and, for a time, Howard, and as the hours went
by, the leaders tended to wander to the media cabin for long chats.
Their
thoughts and fears and boasts found their way into reports and feature
articles and informed the prognostications of columnists and
commentators. It humanised those politicians, and in turn, the public
was informed at a deeper level than is possible now the leaders rarely
grant more than a carefully controlled doorstop or speak through their
advisors.
If Paul Keating, for instance, had pulled off the sort
of coup that Gillard achieved in China a few weeks ago, securing a
joint currency deal and annual leader-to-leader meetings, you could be
sure that by the time his plane had arrived in Australia, he would have
sold it in detail as an accomplishment worthy of weeks of scrutiny and
celebration.
Ms Gillard hardly managed to sell for a day her
execution of an agreement for which most Western world leaders would
have given their eye teeth. Having explained it in no more than a press
conference and a media release before boarding her media-free plane
home, the matter faded from media and public conscientiousness with
astonishing swiftness.
The big old VIP planes were pensioned off
under Howard and replaced with jets too small to accommodate the media
(who, by the way, had to pay fares much higher than if they had
travelled by commercial aircraft, which today they have to do).
Former
prime ministers had other ways, too, to reveal themselves to
communicators. The media found themselves invited from time to time
around to the Lodge for a fireside chat. The prime minister of the time
might serve up a roast, stir the fire in the grate and both offer his
thoughts and mine the views of his guests. It was rarely too cosy -
neither leader nor journalist would let down their guard too far - but
it was a form of communication now all but lost.
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