Much is being made of the recent Which? Report, published in the UK, suggesting thieves can exploit contactless cards to make expensive online purchases.
We have seen similar stories in the past, but we’re already a few steps ahead in ensuring additional security measures are in place to protect our customers and their cardholders.
The security of our cards and programmes is our number one priority, which is why we advocate a multi-layered approach; if we don’t stop criminals in one place, we will stop them elsewhere.
Today, the vast majority of online retailers request additional details such as CVC2 or CCV information from the back of your card as a bare minimum and many also subscribe to SecureCode.
SecureCode is an additional layer of security when shopping online at participating retailers. When used, fraudulent purchases are simply not possible, especially on high value transactions where a new address is being used.
While there is no silver bullet to combatting fraud in its entirety, we are working tirelessly behind the scenes to protect payments and keep all our customers and cardholders safe.
And more can always be done.
For added security, new European regulations mean static data, such as the card number and expiry date will soon be irrelevant. The increased use of tokens across mobile payments builds on the foundation in chip cards and avoids having the actual card number stored in the digital device or with the retailer.
And, just this week, we opened our Digital Security Lab in the North of England to our customers. The research done in this lab informs and shapes the tools we create to keep all cardholders safe; from contactless and Chip and PIN to mobile payments, digital wallets and even new forms of authentication such as fingerprint and facial recognition technology.
We are likely to see greater change in payments technology over the next five years than we have in the past five decades. As payments continue to become a more convenient part of the overall shopping experience, we’ll be there continually delivering the knowledge, tools and solutions that give our customers and cardholders peace of mind that their payments are safe and secure.