By: Staff Writer
Information Security Specialist at Capricorn Group Riaan Viljoen said that it is estimated that global losses relating to card-not-present fraud will reach more than 70 billion US dollars within the next three to five years.
Since the Internet and online purchasing became a viable alternative to traffic, parking lots and long check-out lines, card-not-present fraud has escalated at an alarming rate.
“In 2015 chip cards were introduced to replace mag-stripe only cards world-wide. This has helped in curbing the occurrence of counterfeit fraud, but unfortunately, at the same time it has stimulated card-not-present fraud on the internet, as this became the ‘easier’ way of conducting fraud. Fraudsters do not need to steal a payment card any more, they only need the information, he said.
He added that all that is required to conduct a payment transaction on the internet is the information on your debit or credit card – the full card number, known as the Primary Account Number , the expiration date on the front, and the three-digit Card Verification Value on the back.
Viljoen reiterated that websites have no way of confirming that the person entering the card information for an online purchase is the actual owner of the card. Therefore, it is important to keep the card information confidential.
“Even during card related queries with your bank, the full PAN should never be communicated in any format. Sharing only the first six and the last four numbers of the PAN, known as masking the PAN, is key in protecting confidential card data. Be wary of emails and telephone calls requesting personal or payment card information and never click on links in emails of unknown origin,” said Viljoen.
He added that card holder should never allow your debit or credit card to be photocopied. And when destroying an expired debit or credit card one must make sure that it cannot be glued or pieced back together again.
