Car theft in the 1920s was so common, that working cases of inter-state transport of stolen vehicles put J. Edgar Hoover and the new-born FBI on the political map. The invention of the locking ignition switch almost put the FBI out of business, until Hoover discovered inter-state bank theft, Bonnie & Clyde, Pretty Boy Floyd, John Dillenger, and their ilk, and the rest (as they say) is history.

Chip-and-PIN linked to drop in card fraud:  Security scheme gathers pace and nears final deadline

Miya Knights, Computing 13 Oct 2005

Credit card fraud has fallen by nearly a third following the introduction of chip-and-PIN technology, according to figures published this week.

Banking industry group Apacs says fraud associated with lost, stolen or counterfeit cards fell by £36m from January to June 2005, or 29 per cent compared with the same period last year.

‘This is the final phase of the successful chip-and-PIN rollout,’ said Apacs chip-and-PIN communications manager Sandra Quinn. ‘It has already cut fraud; now we want to close off more opportunities for the fraudster.’

But the figures do not include counterfeit transactions as a result of card-not-present (CNP) or identity fraud. The latest figures in this category will not

be available until November, but current rates show that CNP fraud increased by 20 per cent during 2004.

Apacs has declared Valentine’s Day 2006 as the last day that credit card transactions can be authorised using a signature instead of chip-and-PIN.

Gary Barnett, research director at analyst Ovum, said: ‘The rollout so far has been a lot faster than expected, and that is positive. After all, from the retailer’s perspective it is not such a giant impact on their systems.

‘But there is an issue about accessibility of devices, and the industry could be smarter in the way it constructs them.’

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posted by Dr. Frank Stech  # 3:37 PM