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10/03/2010 -
The amount of debit card fraud in Canada has been steadily rising in recent years, but payment processing industry officials are optimistic about the ability of chip card technology to curb some of those numbers.According to Interac statistics, the amount of money lost to debit card fraud skyrocketed from $60 million in 2004 to just over $142.3 million in 2009, while the number of cardholders reimbursed grew from 49,000 to 238,000.
Yet with the implementation of chip card technology underway, experts are hopeful that debit card fraud will decrease in Canada just as it did in the UK following chip card implementation.
Caroline Hubberstey, director of public affairs for Interac, told the Financial Post that the national rollout of chip-enabled debit cards will be 65 percent complete by the end of the year and completely unrolled by 2015, at which time there will be no magnetic stripes on debit cards at all.
Yet merchants should not rely on chip card technology to protect them from payment processing fraud - aside from the fact that no one technology is a panacea for compliance, researchers at Cambridge University in the UK recently found a relatively simple exploit in the chip card system.
