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Connexus : Issue 41
underground ‘carder’ websites. A major part of the work being done to fight CNP fraud is identifying and securing these weak areas, effectively closing the doors on the fraudsters.” New small merchants want to take advantage of the inter net’s oppor tunities to reach a much wider range of customers, says Chris Hamilton, CEO of APCA, the payments industry’s self- regulator y body. “[But] you open yourself up to fraudsters if your security isn’t sophisticated enough,” he says. APCA has signalled the provision of free online training for small merchants who don’t have access to experts to tackle online fraud. The fi nance industry has developed and is continuing to introduce tools to curb CNP fraud. They include mandated secur ity standards for pay ment systems, ‘3 -D Secure authorisation’ protocols and real-time decisioning (RTD) for monitor ing and declining credit card transactions. Visa developed 3-D Secure, a three- step authentication process, branding it Verified by Visa (VBV) and licensing it to Amex and MasterCard. Credit unions, building societies and mutual banks have been working hard over the past 18 months to ensure they meet the deadlines for VBV enrolment of their cardholders. Rolling out such tools is a work in progress, says Greater Building Society’s Jason Moffat, who also chairs the Australian Mutual Fraud Committee. “ From a fraud prevention point of view, we are a totally different industry to even five years ago. But there’s a way to go,” he says. The APCA statistics could give the impression that industr y has been dragging its heels on CNP fraud, but that’s not the case, says Crawford. “Abacus has represented the mutual sector on the Australasian Card Risk Council, the key industry forum addressing card fraud, since 2002. “CNP fraud has been a high priority for many years, but the work required to combat it properly – to plan and @ Briefly MOST CREDIT AND DEBIT CARD FRAuD IS DuE TO CRIMINALS TAkING ADvANTAGE OF vuLNERABILITIES IN ONLINE TRANSACTION PROCESSING. THERE ARE INDICATIONS THAT IMPROvED SECuRITY IS STARTING TO REDuCE THIS TYPE OF CRIME. NEW MEASuRES ARE BEING INTRODuCED WITH A LONG-TERM vIEW TO FOILING THE FRAuDSTERS. www.abacus.org.au 21