VISITOR REGISTRATION
Card fraud has hit national and international headlines. For example in May 2008 over one million euro was stolen from 300 bank accounts with credit cards that were cloned from shops and restaurants in the Dublin region.
Fraud associated with electronic payments and payment cards is a large and escalating issue covering all areas of financial transactions. This ultimately affects the bottom line for financial institutions such as credit card companies, banks and end-supplier merchants, in addition to causing major distress to the card holder.
In Ireland recent information published by Irish Payments Services Organisation (IPSO) has shown significant increases in all forms of electronic payments.
The current economic downturn has led to an increase in credit and debit card fraud in Ireland. A number of different systems have already been introduced by the industry to try to eliminate such card crimes. For example, chip & pin intelligent fraud detection software. However, chip & pin technology has failed to stall the steep rise in online theft and card fraud, as criminal gangs are becoming more sophisticated in their tactics.
It is clear that any solution which is dependent on being stored or implemented in the individual cards can be copied or hacked.