reducing fraud
Secure Electrans, a developer of payment solutions has received Government support for its Chip&PIN home terminal as a practical way to reduce fraud. Secure Electrans’ HomePay Chip&PIN system received support from the UK Government’s Communication Electronics Security Group (‘CESG’) working in partnership with the Europe-wide Open Standard for Security and Certification (‘OSeC’). No other comparable Chip&PIN home device has been accredited to such rigorous high standards to date.
Secure Electrans has been working closely with both regulatory organisations alongside industry competitors in efforts to raise standards via the implementation of an Evaluation and Certification Framework. This aims to implement a single scheme for security in payment terminals and cards, incorporating recognition of multiple security certification card schemes and banking organisations across Europe.
Of the GBP45bn per year spent online in the UK, over GBP3bn is either fraudulent or lost due to abandoned transactions3. Under the current online payment system, ‘card-not- present’ transactions account for two thirds of all fraudulent card activity, leaving ecommerce as the weak link in card transaction security. This is exacerbated by the increased sophistication of cybercriminal activity, which is creating a real strain on the existing ecommerce infrastructure.
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