UK card fraud has risen steadily over the past 10 years, from £83.3m in 1995 to £504.8m in 2004. Over the same period, card usage and the number of cards issued has risen, and continues to rise in the UK. With increasing card use comes an increased risk of exposure and . . . (companies) . . . should remain vigilant to the potential fraud risk.
Required
To assist in the prevention of fraud (especially in relation to point of service EFT), a large number of anti fraud measures are now available for retailers to use. Some of the more popular anti fraud measures are:
§ the use of forced online protocols,
§ the use of floor limits,
§ the use of ‘one in n’ checks – that is sample random transactions checks,
§ the use of multiple transaction checks,
§ the use of Hot Card files,
§ the use of encryption,
§ the use of Secure Sockets Layer (SSL),
§ the use of Card Security Code (CSC),
§ the use of address verification services (AVS), and
§ the use of payer authentication.
Describe and critically evaluate each of the above anti fraud measures.