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:
“Crime is a fact of the human species, a fact of that specieas alone, but it is above all the secret aspect, impenetrable and hidden. Crime hides, and by far the most terrifying things are those which elude us.”
—Georges Bataille (1897–1962)
“The reduction of nuclear arsenals and the removal of the threat of worldwide nuclear destruction is a measure, in my judgment, of the power and strength of a great nation.”
—Jimmy Carter (James Earl Carter, Jr.)