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In 2002, there were 17.5 billion payment transactions
by bankcard in the 25 nations of the EU. The 10 new entrants
accounted for 3%, or 500 million, of these payments*. Such is the
scope of the security challenge facing the CB system at the international
level. To combat trans-border fraud, permanent cooperation has been
established between the banks, the EPC, the national payment systems,
Cartes Bancaires, the Visa and MasterCard networks, retailers, and
distributors (federated in Mercatel in France).
This international cooperation has, in particular, resulted in an
improved detection of fraudulent transactions, greater vigilance at
sales outlets, and reinforced measures against magnetic stripe fraud
through daily surveillance of ATMs. The French police authorities
are working more closely with foreign authorities through Interpol
and Europol. "Once the rollout of EMV has been completed, it
will be possible to read the microchip on French bank cards in all
countries where this standard has been adopted, resulting in a significant
drop in international card fraud", explained Paul Trescases,
manager of Security at Cartes Bancaires. As a consequence, 77% of
French cardholders say that with EMV, they will use their card more
when abroad**. In terms of security, the migration will see the introduction
of new regulations according to which a non-EMV issuing bank will
have to shoulder the cost of fraud as of January 2005.
*Source: BCE - Blue Book (April 2004).
** Source: Taylor Nelson Sofres research September 2003). |
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