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04/03/2010 -
In honor of Fraud Prevention Month, debit card payment processing network Interac has released a reminder to Canadian consumers and merchants that, while debit card processing is generally secure and chip technology has made it even more so, both parties should still follow the appropriate payment processing security measures."Interac is one the safest payment networks in the world and the current transition to chip debit cards and terminals adds yet another level of security," said Caroline Hubberstey, director of public and government relations for the Interac Association. "However, until the transition is complete, fraud can still occur, so we want to remind Canadians about the importance of practicing debit card safety, whether they have a magnetic stripe card or a chip card."
In particular, merchants are advised to regularly check PIN pads and ABMs for any physical changes, to lock up PIN pads at closing, to properly screen, monitor and train employees, and to consider adding surveillance cameras.
Though it has been found to lower overall fraud incident rates, chip and pin technology has also come under fire recently - a recent report from researchers at the UK's Cambridge University found an exploit in the payment processing security system.
