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"R. A. Hettinga" <rah@shipwright.com> Card Fraud Higher (fwd) Credit Card Fraud Lower - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [2x orig to Digital Bearer Settlement List <dbs@philodox.com>, <dcsb@ai.mit.edu>] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Date: 2000年3月22日 16:03:49 -0500 From: "R. A. Hettinga" <rah@shipwright.com> Subject: Card Fraud Higher --- begin forwarded text From: Somebody To: "'rah@shipwright.com'" <rah@shipwright.com> Subject: Card Fraud Higher Date: 2000年3月22日 11:23:51 -0800 Mar 22 2000 : Despite credit card firms claiming figures for online fraud to be no higher than those for real-world fraud, experts estimate 20 to 40 per cent of online purchases to be fraudulent. Only last week, MSNBC reported Visa to have quietly notified selected merchants in December 1999 that over 485,000 credit card numbers had been stolen from a major Web merchant in January 1999. The numbers were stored on the Web site of a US government agency, before being discovered in March 1999. Canadian security analyst Robert Kubbernus, believes that only 20 per cent of hacks are ever reported, with the remaining 80 per cent concealed to protect shareholders' interests. MasterCard is countering the rise in fraud by imposing a fine on merchants whose chargebacks are one per cent or higher of total sales, or 2.5 per cent or higher of total sales volume for more than two consecutive months. Ironically, e-tailers now risk being squeezed between consumer concerns over security or actual credit card fraud. Total verifiable losses from breaches in 1999 exceeded USD 265 million, or over twice the figure for 1998, according to annual figures from the FBI and the Computer Security Institute. Over 90 per cent of respondents had incurred a security breach, but only 42 per cent knew the dollar cost of such attacks, with the total of USD 265 million being twice the average for the previous three years. Financial fraud and information theft caused the most serious losses, at USD 56 million and USD 68 million, respectively. --- end forwarded text <...sig + DCSB list un/sub info deleted, see bottom of digest> - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Date: 2000年3月22日 16:04:26 -0500 From: "R. A. Hettinga" <rah@shipwright.com> Subject: Credit Card Fraud Lower --- begin forwarded text From: Somebody To: "'rah@shipwright.com'" <rah@shipwright.com> Subject: Credit Card Fraud Lower Date: 2000年3月22日 11:32:05 -0800 Visa Says Fraud Levels Hit All-Time Low Visa Feb 28 2000 : Visa International announced last week that fees for lost or stolen cards will now be waived in view of card fraud losses reaching an all-time low during 1999. The move was prompted by fraud losses dropping to 6 cents for every USD 100 in 1999, compared to 7 cents per USD 100 in 1998, and 18 cents per USD 100 in 1992. Visa customers who did not report lost or stolen cards within two days were previously charged USD 50 in liability fees, but from April 2000, this charge will no longer be applicable. [...] --- end forwarded text ----------------- R. A. Hettinga <mailto: rah@ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire' > For help on using this list (especially unsubscribing), send a message to > "dcsb-request@reservoir.com" with one line of text: "help". # distributed via <nettime>: no commercial use without permission # <nettime> is a moderated mailing list for net criticism, # collaborative text filtering and cultural politics of the nets # more info: majordomo@bbs.thing.net and "info nettime-l" in the msg body # archive: http://www.nettime.org contact: nettime@bbs.thing.net