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Connexus : Issue 41
new modus operandi or large-scale data compromise, for example – you’re not necessarily going to have r ules set up in your detection system to pick it up and be able to respond. Flexibility and minimising your bureaucracy when dealing with emergency steps will be the key.” Similarly, Crawford says there’s no silver bullet to eliminate every risk, but options such as RTD are making the task more efficient and effective. RT D monitors and makes decisions to decline a transaction when it is attempted, rather than after it happens, as is the case with a rule-based system. RTD could reduce the staff costs of around- the-clock monitoring. Visa’s version, Visa Advanced Author isation, was made available to Visa issuers in Australia from October 2010 and by early this year it was protecting more than half of their transactions. Mutuals, be they primary card issuers or users of a service provider, have several RTD options available to them. Each should investigate the most suitable option according to their business needs and risk appetite. “CNP fraud, as the APCA statistics illustrate, has undoubtedly been a major problem for the Australian financial sector and we need to continue our combined efforts to fight it,” s ays Crawford. Flexibility and minimising your bureaucracy when dealing with emergency steps will be the key. Jason moffat, Chair, Australian Mutual Fraud Committee Tips for smart transactions Consumers should protect themselves from online card fraud by noting these points: • If a deal is from a site that looks suspicious, or it looks too good to be true, it probably is. • Provide card details only to secure sites that display a locked padlock logo in the browser. • Use a secure payment method such as PayPal, BPAY or your credit card. • Make sure you have up-to-date security software installed and do scans regularly. • Never send your account details by email. Use only a secure web page. • Keep a copy of all transactions. • Check your statements, and contact your mutual institution if there is a suspicious transaction. Retailers can protect themselves by: • Training in simple techniques they can use to be aware of who they are dealing with online and to protect their customers’ card details. • Implementing online authentication methods such as MasterCard SecureCode and Verified by Visa. • Asking for the CVV2 numbers on the back of cards when making card-not-present transactions. Abacus members can continue the fight against fraud through the organisation’s Fraud and Financial Crimes section. It is an industry leader in delivering education forums and providing fraud awareness sessions tailored to individual credit unions, building societies and mutual banks. Abacus has built a dedicated and informed Member Fraud Prevention Community. Fraud and Financial Crimes is extending this reach and mutual collaborative strength with upcoming community events such as fraud and security seminars (Summerland) and annual general meeting addresses (Shell Credit Union). To find out more about what the specialist professional staff at Fraud and Financial Crimes can do for you, email email@example.com 24 Connexus NEWS