Money
I know it’s very vulgar to talk about money - but I’ve been reading up:
Money, get away.
Get a good job with good pay and you?re okay.
Money, it?s a gas.
Grab that cash with both hands and make a stash.
New car, caviar, four star daydream,
Think I?ll buy me a football team.
The Chip and Pin advertising campaign to inform the public has begun — “Safety in Numbers.” There are nine months left for mag stripe CCs in UK. They were first introduced here in 1976 (when I was 1 year old!)
The smart cards are a global standard called EMV - they also allow multiple applications - not just a credit card.
Europe and Asia first to go to EMV - 2004 & 2006. Not sure when US gets it.
Card Fraud:
Money, get back.
I?m all right jack keep your hands off of my stack.
Money, it?s a hit.
Don?t give me that do goody good bullshit.
I?m in the high-fidelity first class traveling set
And I think I need a lear jet.
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“At £424.6 million in 2002, plastic card fraud losses are still increasing ? although not as dramatically as in previous years. Our multilayered fraud prevention initiatives, coupled with the work of a new police card fraud unit, are starting to disrupt the illegal activities of organised criminal gangs. ” – APACS Card Fraud Facts 2003 “About £1 million-worth of fraud is committed on cards every day in the UK - a crime every eight seconds. Chip and PIN will help tackle 60% of this fraud.” – APACS Annual Report 2003 |
APACS thinks that post Chip and Pin organised crime will move from skimming, towards id theft e.g. bin raiding & masquerading. CardHolder Not Present (CNP) transactions (i.e. Phone & Internet) will still be vulnerable to fraud, much as they are today.
There appears to be progress there too:
AVS/CSC — (cardholder Address Verification System and Card Security Code checking system) - Ever had trouble shipping internet-bought products to an address other than your own? That’s AVS. CSC is the three digit Security Number on the signature strip of Credit Cards that some sites ask you to enter. Hopefully many more sites will require this in the near future.
The roll-out of Verified by Visa and MasterCard’s SecureCode to combat Internet-based CNP fraud.
Token-based authentication - “An initial UK specification for the use of chip and PIN cards in handheld readers was issued at the end of 2002, giving members the option of using dynamic, two-factor authentication for customers when banking or paying online. Token-based authentication would provide customers with a similar experience to that at cash machines and in retail outlets. Whilst benefiting from the investment being made in chip and PIN, it would be significantly stronger than authentication based on password and user identity. In 2003 interest in token-based authentication increased significantly within the UK and abroad. APACS has been working closely with MasterCard, Visa and a number of associations overseas to encourage the development of a common global specification.” – APACS Annual Report 2003
This could mean Smart Card readers attached to PC’s with software that allowed you to authorise payment via Chip & Pin.
Other Interesting info about Money:
Money, it?s a crime.
Share it fairly but don?t take a slice of my pie.
Money, so they say
Is the root of all evil today.
But if you ask for a raise it?s no surprise that they?re
Giving none away.
Over half of all cash acquired by individuals (in the UK) is obtained from cash machines. In 2003 an estimated £144 billion was paid out in 2.4 billion transactions, 5% more than in 2002.
The rate of growth rose during the year and may reflect benefit recipients shifting to the use of cash machines once their benefits are paid by Direct Payment rather than obtaining cash at the post office. Direct Payment will give a further boost to this trend in 2004 and 2005 and, in the longer term, the demographic pattern of preferences will be a steady driver of growth - younger customers are more likely to use a cash machine than older customers.
In 2012 it is projected that cash machines will pay out over £190 billion in today?s money in 3.1 billion transactions.
personal cheque use has been falling every year since 1990. In that year each adult wrote over 60 cheques on average; by 2002 this had fallen to 30 cheques on average.
Around 3% of all card payments were made over the Internet last year. This is expected to grow to one in ten by 2012.
Over one Internet user in three banks on-line. Users of Internet banking are increasingly transacting on-line, moving money or altering payment arrangements.
Two in three adults regularly use cash machines, taking out over £80 each week on average. The cash machine habit is strongest with younger adults. Over 90% of 25 to 34 year olds with access to cash machines get cash from them on a regular basis. Cashback with debit cards, however, remains very much a niche source of cash. Around 8 million debit cardholders use it, primarily as a way of topping up their cash. Nine in ten cashback users also regularly draw cash from cash machines. The growing popularity of cash machines has been driven by their increasing availability. Since the mid 1990s banks have been installing cash machines at non-branch sites and the last two years have seen an explosion of convenience machines owned by non-bank independent ATM deployers at sites such as corner stores. At the end of 2002 over half of the UK?s 40,825 cash machines were at non-branch locations.
links:
http://www.apacs.org.uk/
http://www.emvco.com/
Biblio:
http://www.apacs.org.uk/downloads/Annual%20Review%202003.pdf
http://www.cardwatch.org.uk/pdf_files/cardfraudfacts2003.pdf
http://www.smartcard.co.uk/resources/tutorials/sct-itsc.pdf
