FICO, a leading predictive analytics and decision management software company, today published its latest map of card fraud in Europe, showing that card fraud losses in 2013 for the 19 European countries studied reached €1.55 billion.
The TARGET card breach was a big wake-up call in the U.S. Small Banks and Credit Unions have started offering the service that enables cardholders to turn ON or OFF their cards. Debit and Prepaid debit cardholders specially find it ideal to be able to control
their own card accounts (their own money).
This service can also exist with fraud detection services. Credit cardholders are not specially worried about fraud since they just don't pay if they didn't authorize the transaction/s. So banks should still use fraud detection services for credit card accounts
or for cardholders that do not want to use Card ON / Card OFF.
All these services can happily co-exist with chip and pin. It's a win-win situation for banks, their customers and merchants.
© Finextra Research 2016