Card-not-present fraud on the increase-NTA warns online retailers to tighten their security policies.Recent figures from the UK payments association Apacs (Association for Payment Clearing Services) show that card-not-present fraud is on the increase since the introduction of Chip and PIN. These transactions take place over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , by telephone or via mail order purchases and NTA NTA National Tour Association NTA Nitrilotriacetic Acid NTA National Treatment Agency (for Substance Misuse; UK) NTA Net Tangible Asset NTA National Tutoring Association NTA National Transportation Agency Monitor is warning online retailers to tighten their security policies to prevent this type of credit card fraud Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. . In 2005, card-not-present fraud rose by 21% to [pounds sterling]183.2m from [pounds sterling]150.8m in 2004 and the trend is likely to continue unless online retailers tighten up Verb 1. tighten up - restrict; "Tighten the rules"; "stiffen the regulations" constrain, stiffen, tighten confine, limit, throttle, trammel, restrain, restrict, bound - place limits on (extent or access); "restrict the use of this parking lot"; "limit the their procedures. Roy Hills, Technical Director at NTA Monitor, warns: "Online retailers need to implement tighter security policies to prevent the increase of card-not-present fraud or the general public will lose faith in purchasing over the Internet. It's just a question of companies taking some easy precautions precautions Infectious disease The constellation of activities intended to minimize exposure to an infectious agent; precautions imply that the isolation of an infected Pt is optional, but not mandatory. and having a clear security policy which is adhered to--but many online retailers are still leaving themselves and their customers exposed." The latest figures from Apacs show that with the introduction of Chip and PIN making stolen cards harder to use, card-not-present scams are now the easier hit for fraudsters and this type of fraud is on the increase. Hills continues: "Unfortunately, many websites do not carry out adequate security checks--I've lost count of the number of online sites that don't bother to send a notification to my billing address if I get an order delivered elsewhere." Many more online retailers are now taking precautions against hackers sniffing sniff v. sniffed, sniff·ing, sniffs v.intr. 1. a. To inhale a short, audible breath through the nose, as in smelling something. b. To sniffle. 2. credit card details in transit, but do not adequately protect themselves from cloned or stolen cards being used. For the current trend of growth in sales over the Internet to continue, it is vital that every precaution is now taken by retailers utilising card-not-present transactions, or the general public will no longer trust the Internet when purchasing goods. Advice for retailers: Make sure that you ask for the billing address as part of the online transaction, as only requesting a delivery address may enable fraudsters to place an order without confirming the address that the card is registered to. Deliver goods to the card billing address. This makes it less likely that someone can use fraudulent The description of a willful act commenced with the Specific Intent to deceive or cheat, in order to cause some financial detriment to another and to engender personal financial gain. details to purchase goods at your website. However, if you do need to offer the service of sending the goods to an alternative address, send an order acknowledgement to the billing address to make sure that the card owner is aware of the purchase. Always ask for the last 3 digits on the reverse of the card, known as the Card Security Code (or 4 printed--not raised--on the front of American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. ) as well as the numbers on the front as these are not found on receipts. Destroy all receipts before putting them in your rubbish (shredding shred n. 1. A long irregular strip that is cut or torn off. 2. A small amount; a particle: not a shred of evidence. tr.v. or scrawling out the card numbers) as some contain your full card details. Destroy statements before disposing of them. If someone takes your receipts from your household waste, they would then also have your full billing address. As not all companies have the policy of only delivering to the billing address, fraudsters could have the goods sent elsewhere at your expense. Be wary of where you use your card in public: someone taking your card out of your sight to carry out the transaction could easily note down your card details to use fraudulently fraud·u·lent adj. 1. Engaging in fraud; deceitful. 2. Characterized by, constituting, or gained by fraud: fraudulent business practices. . Check your bank statement carefully each month to see if there are any unusual transactions that you believe might not have been conducted by you. |
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