Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

Fighting credit card fraud

29.04.2004


Credit card fraud is one of the fastest growing crimes costing French banks over €41 million last year. The crime figures remain high despite progress already made and attempts by Interpol to fight fraud on a European scale.



Most of the cases of card fraud recorded last year involved stolen credit card numbers, which were used to buy goods or services either by phone or on the internet. Often fraud victims did not know their card had been used illegally until they received their monthly statement. The fact that most cases of credit card fraud are now virtual crimes makes perpetrators very hard to catch.

Credit card fraud is also a serious source of worry for many small businesses particularly internet start-up companies, which rely almost exclusively on credit card payments for online transactions.


While online credit card use accounts for only about 2% of Visa International’s total credit card transactions, more than 50% of its discovered frauds/disputes relate to online use totalling over €1.6 billion a year.

French and Greek partners working in EUREKA project E! 2850 EUCLID have worked on a secure link between the cardholder and the issuing bank which they hope will double, treble or even quadruple the partners’ initial € 1.1 million investment over the next three years.

“Current online payment systems are wide open to fraud. We believe that the only effective defence against card payment fraud is to empower each cardholder to turn on or off the use of their actual credit card number. The EUCLID solution protects the actual card account number where it counts most - at the issuing bank authorisation server,” explains Vie.

Once a card is protected by EUCLID it is blocked unless the cardholder pre-approves its use by unblocking the card account before or at the time of a purchase.

“EUCLID enables credit card issuing banks to prevent unauthorized and fraudulent e-commerce, telephone and mail-order transactions,” explains Sébastien Vie, Chief Financial Officer of the French lead partner, CDCK, and Financial Manager for the EUCLID project.

While validation of the process and development of the user interface is complete, other aspects of the project are still progressing. Greek partner LogicDis is trying to generate interest with a number of European banks. It is also working on a trial with one particular bank in Greece, developing a voice-operated server interface that allows the client to unblock their card by calling a free phone number.

”The EUREKA label gives recognition to our innovative solution. It strengthens our technical credibility with our clients and facilitates our launch in the European market,” says Dominic Laage, President and Founder of CDCK.

Julie Sors | alfa
Further information:
http://www.eureka.be/success-stories

More articles from Information Technology:

nachricht Smart Computers
21.08.2017 | Albert-Ludwigs-Universität Freiburg im Breisgau

nachricht AI implications: Engineer's model lays groundwork for machine-learning device
18.08.2017 | Washington University in St. Louis

All articles from Information Technology >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Fizzy soda water could be key to clean manufacture of flat wonder material: Graphene

Whether you call it effervescent, fizzy, or sparkling, carbonated water is making a comeback as a beverage. Aside from quenching thirst, researchers at the University of Illinois at Urbana-Champaign have discovered a new use for these "bubbly" concoctions that will have major impact on the manufacturer of the world's thinnest, flattest, and one most useful materials -- graphene.

As graphene's popularity grows as an advanced "wonder" material, the speed and quality at which it can be manufactured will be paramount. With that in mind,...

Im Focus: Exotic quantum states made from light: Physicists create optical “wells” for a super-photon

Physicists at the University of Bonn have managed to create optical hollows and more complex patterns into which the light of a Bose-Einstein condensate flows. The creation of such highly low-loss structures for light is a prerequisite for complex light circuits, such as for quantum information processing for a new generation of computers. The researchers are now presenting their results in the journal Nature Photonics.

Light particles (photons) occur as tiny, indivisible portions. Many thousands of these light portions can be merged to form a single super-photon if they are...

Im Focus: Circular RNA linked to brain function

For the first time, scientists have shown that circular RNA is linked to brain function. When a RNA molecule called Cdr1as was deleted from the genome of mice, the animals had problems filtering out unnecessary information – like patients suffering from neuropsychiatric disorders.

While hundreds of circular RNAs (circRNAs) are abundant in mammalian brains, one big question has remained unanswered: What are they actually good for? In the...

Im Focus: RAVAN CubeSat measures Earth's outgoing energy

An experimental small satellite has successfully collected and delivered data on a key measurement for predicting changes in Earth's climate.

The Radiometer Assessment using Vertically Aligned Nanotubes (RAVAN) CubeSat was launched into low-Earth orbit on Nov. 11, 2016, in order to test new...

Im Focus: Scientists shine new light on the “other high temperature superconductor”

A study led by scientists of the Max Planck Institute for the Structure and Dynamics of Matter (MPSD) at the Center for Free-Electron Laser Science in Hamburg presents evidence of the coexistence of superconductivity and “charge-density-waves” in compounds of the poorly-studied family of bismuthates. This observation opens up new perspectives for a deeper understanding of the phenomenon of high-temperature superconductivity, a topic which is at the core of condensed matter research since more than 30 years. The paper by Nicoletti et al has been published in the PNAS.

Since the beginning of the 20th century, superconductivity had been observed in some metals at temperatures only a few degrees above the absolute zero (minus...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Call for Papers – ICNFT 2018, 5th International Conference on New Forming Technology

16.08.2017 | Event News

Sustainability is the business model of tomorrow

04.08.2017 | Event News

Clash of Realities 2017: Registration now open. International Conference at TH Köln

26.07.2017 | Event News

 
Latest News

What the world's tiniest 'monster truck' reveals

23.08.2017 | Life Sciences

Treating arthritis with algae

23.08.2017 | Life Sciences

Witnessing turbulent motion in the atmosphere of a distant star

23.08.2017 | Physics and Astronomy

VideoLinks
B2B-VideoLinks
More VideoLinks >>>