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Marite - just to be clear I did not claim that ONLY the adoption of EMV globally would reduce card fraud. I merely put it forward as an approach which is currently being adopted (to differing degrees) around the world. EMV has its faults and like the mobile is not the 'silver bullet' it is at least a widely adopted fraud prevention method that people understand.

I love new technologies and embrace concepts that can a) reduce fraud, b) add value to customers, c) reinvigorate businesses. That is why I became involved in smart cards. I look forward to the day that I see a product/proposition that is proven to do all of these and is widely adopted.

The idea of card fraud funding terrorism is not far fetched at all. It is real and has been for decades as it has been for criminals of all types.

"I'd suggest that the first step would be to stop financing it. Governments need to get together and make a concerted effort at fraud reduction and practical identity protection. While you're bailing the banks out would be an opportune time."

Dean on this one point I actually agree. Through governments and relevant industry bodies working together we can reduce fraud. The global adoption of EMV will reduce card present fraud, it will never remove it completely but will dramatically help. The adoption of secured online transactions such as CAP will reduce card not present/internet fraud.

Increased checks and use of neural networks can help reduce card application fraud.

I am no expert in corporate fraud, mortgage fraud or any other for that matter but I am pretty sure governments can work together to reduce losses here. 

It's all possible without the need to use a mobile

"most fraud is card based"? Really?

Didn't Jerome Kerviel defraud £3.7 billion? Nick Leeson had a fair go too a few years back. Isn't most fraud corporate or  "rogue traders" it's just not as much fun to report?

'If there is no relationship, why do they want to charge us for viewing the data?'

They charge us if we choose to create a relationship. The relationship does not exist until you/I choose to ask them for the data.

Dean,

Apologies, I must have misread:

 'Here's a deal for you, I'll prevent it all (for all UK banks) and even the card present fraud for the token sum of £145 million and I'll indemnify all users of our system against any fraud losses.'

I interpreted that as a sales pitch

https://www.finextra.com/blogs/fullblog.aspx?blogid=1430

I guess the difference I see is that I contact my bank/utility company because I am a customer of theirs and they provide a service to me for which I pay. If I fail to keep them uptodate with my details they may withhold services from me.

I do not however have a relationship with a CRA and they provide no service to me. The banks/utilities are the CRA customers. I can see a lot of resistance to members of the public being told you have to contact another third party who you have no relationship with and have never contacted to supply them with your personal data in case you ever want any form of credit.

Also how would I know which CRA to contact? Do I have to phone Experian, Equifax, both?

Dean,

Well avoided, I thought for a minute you might have a solution that works. We can all criticize existing technologies and proclaim to have the solution - the proof as they say is in the pudding..

"Snake oil salesman" - wasn't that your term??

I'm intrigued. How does the mobile model you have/envisage work? What makes it so much better and more secure than the current system of EMV?

How would this work? Would this mean that everytime I move house, change jobs, change phone numbers I have to contact the CRA to ensure they can get hold of me incase I ever apply for credit?

The best way to ensure your customers do not contact you is to staff your call centres with people who do not speak the same native language as your customers. I refuse to call my bank anymore as I spend too much time trying to make myself understood that I never get round to discussing the reason I rang. I have lost count of the number of times I have had to hang up in frustration. Email is now the only solution for me, it may take longer but my stress/frustration levels are much better for it