Join the Community

22,053
Expert opinions
43,987
Total members
381
New members (last 30 days)
184
New opinions (last 30 days)
28,690
Total comments

UAE banks hit by surge in ATM fraud

The news article just mentions changing the pincodes. Changing the pincodes is not enough. The card numbers can be used for card not present transactions. 

Will there be another lawsuit much like what happened with TJX? Will this breach be used once again to 'promote' EMV and blame countries who have not fully migrated to EMV?

If issuing banks allowed their cardholders to turn off their card accounts for cross border, atm or card not present transactions when the cards are not being used, thieves will stop doing what they do. A system that enables cardholders to turn on or off their card accounts by setting their own user limits is the only really effective system that deflects the increase in card fraud while it guarantees an excellent quality of service to cardholders. With this system, fraudsters would no longer have any reason to sniff out and copy card details. And this system does not compete with EMV. It can and should exist with EMV.

 

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

Join the Community

22,053
Expert opinions
43,987
Total members
381
New members (last 30 days)
184
New opinions (last 30 days)
28,690
Total comments

Trending

Now Hiring