PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Cutting Debit Fraud: Lessons from Canada

Sarah Grotta by Sarah Grotta
March 3, 2016
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

For debit issuers, the EMV migration is an expensive proposition. In Canada where the EMV transition is nearly complete and has almost reached 100%, they are beginning to seek the benefits through the drop in fraud losses. As discussed in Bank Info Security, Interac is reporting a 27% drop in fraud losses in just the last year. Mark Sullivan, who heads fraud management for Interac, Canada’s payment network provided the following details:

Canadian debit fraud dropped 27 percent in 2015, compared with the previous year, and accounted for the lowest fraud losses linked to debit compromises in six years, according to a new debit fraud update that Interac recently released.
Sullivan says the U.S. will likely see similar fraud-reduction patterns once its migration to EMV nears completion. But some unique fraud-fighting characteristics of the Canadian market, most notably its real-time settlement of debit transactions, may offer additional lessons from which the U.S. could learn, he says.

“With Interac Debit, we do not have offline transactions; every transaction is an online transaction,” conducted in real time, Sullivan explains during this interview with Information Security Media Group. “So a data breach becomes non-existent for the debit cardholder. There is no information stored about the consumer, the individual, [nor] identifying features in the transaction that has just taken place; it’s not stored anywhere within the data of the posting merchant.

Although probably not measureable, it would be interesting to understand how much of the fraud simply moved to the U.S., an easier and larger target.

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

Read the full story here

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Online Grocery Sales Efforts Take A Giant (Stores) Step Forward

    Did Payments Innovation Kill Brick-and-Mortar?

    October 2, 2023
    open-banking Data-Sharing as a Solution to Cash Flow Issues standa

    Disjointed Open-Banking System in U.S. Leaves Opening for Permissioned Data Providers

    September 29, 2023
    FedNow

    FedNow Could Mean a Renaissance for Smaller Financial Institutions

    September 28, 2023
    Best Merchant Practices for Dealing with Supply Chain Disruption

    Nearly Half of Merchant Data is Probably Wrong. Here’s Why it Matters.

    September 27, 2023
    Mitigation of P2P Fraud Begins with Education

    Mitigation of P2P Fraud Begins with Education

    September 26, 2023
    digital payments

    Mass A2A Payment Adoption in The U.S. Contingent on Compelling USP

    September 25, 2023
    Samsung trackable cashless payments mobile

    The Synergy Between Cashless Payments and Seamless Mobile Coverage

    September 22, 2023
    The Power of AI and How its Transforming the Financial Landscape

    The Power of AI and How It’s Transforming the Financial Landscape

    September 21, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result