Visa: Card protection is preventing fraud

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Visa: Card protection is preventing fraud

Tue 13th Oct 2009

Fraudsters are being prevented from carrying out illegal transactions online because of card protection schemes such as verified by Visa, according to an industry insider.

Ian Barber, a spokesperson for Visa, made his comments following the news that card fraud fell by 23 per cent in the first six months of this year compared to the same period in 2008.

He pointed out one of the reasons for the fall is that consumers have become used to inputting a code whenever they buy anything on the internet and that this has been very effective at stopping fraudsters from operating in the UK.

However, Mr Barber warned that this does not mean criminals will stop trying to commit fraud.

"We have reduced it in the UK but part of what some people think is happening is actually fraudsters stopping looking at the UK and looking elsewhere," he explained.

Another factor that Mr Barber highlighted as contributing a fall in fraud is the use of a security standard called PCI DSS, which makes sure that online data is kept safe.

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