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An article relating to this blog post on Finextra:

UK online banking fraud soars

Industry losses from online banking fraud increased a massive 185% in the first half of the year to £21.4 million, according to figures released by UK payments association Apacs.

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APACS and card fraud

"One of APACS' key responsibilities is co-ordinating a whole range of activities to tackle payment-related fraud"

Does this mean that there's work for APACS as long as there is payment fraud? I ask this because its truly confusing to alert APACS of a solution to payment fraud and there simply is no reaction on their part.

What do they mean actually when they say "tackle"? Is this merely gathering statistics and reporting? They sound like a broken record.

It is quite annoying to read about this card payment fraud problem and know that there is an ideal solution for it. Even Brian Triplett, a security executive from VISA Inc. acknowledges than rather than spending millions of dollars to upgrade to chip and pin, other technologies are indeed available.

Truly, considering the fiasco that we've seen lately in the banking sector, it is time to see action from banks to do the right thing for consumers, merchants and for the market as a whole, especially when it relates to payments, security and confidence.











Comments: (1)

A Finextra member
A Finextra member 01 October, 2008, 16:12Be the first to give this comment the thumbs up 0 likes

Hey Marite, You touched on some very important points.

Im with the TowerGroup in London perhaps we can schedule call to discuss further?


Thanks Adam

0207 557 6911

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