Crime Reduction
While EMV technology has helped reduce crime at the tills, when it comes to telephone, internet, and mail order—known in the industry as card-not-present or CNP—fraud, the figures are growing every year, and as of May 2009 made up more than 50% of all credit card fraud. Since this has become a major area of fraud, other initiatives such as Verified by Visa and MasterCard SecureCode (implementations of Visa's 3-D Secure protocol) are being implemented to improve CNP security. Since 2008 VISA has been running pilot projects using the Emue card, which has a chip, a mini-keypad, a display, and a battery expected to last three years; the user enters a PIN and a secure one-time-only code is displayed which replaces the code printed on the back of standard cards.
Read more about this topic: Chip And PIN
Famous quotes containing the words crime and/or reduction:
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