Credit card security: The ongoing battle

Credit card security: The ongoing battle

Sales person in store running credit card through credit card scanner.
Sales person in store running credit card through credit card scanner.

As overall credit card fraud declines, sophistication in fraud increases so EMV chips & new approaches to security needed.


Credit card security: The ongoing battle

Sasiwimon Boonruang

Online purchases and ecommerce are becoming increasingly important and credit cards are used to pay for these purchases.

Following this trend, the security needed to protect credit card users from theft and fraud online is becoming increasingly important also.

Joe Cunningham, the head of risk in the Asia Pacific region for the big credit card company Visa spoke recently at the Visa Asia Pacific Security Summit in Phuket on credit card security.

As the digital economy replaces the physical (bricks and mortar) economy of stores and cash, credit card security is a topic relevant to the everyday lives of almost everyone.

Here are some of the important points made during Mr. Cunningham's presentation.


"Last year there were 4.9 billion connected devices and it's forecast to be 25 billion by 2020, but I personally think the number is much higher," he said.

There are 1.9 million records stolen each day, 53% of which involve the identities of people (presenting  the potential for identity theft or phishing).


Overall, however, the amount of fraud involving Visa credit cards worldwide has declined.

Despite the decline in fraud, online fraud is becoming more sophisticated and thus harder to detect and combat.


The fraud rate is high in the US because advanced technology has not been implemented yet.

Most countries in the world have already implemented EMV chips (the global standard for chip - based credit and debit card transactions), but the US has just started implementing such an approach.

EMV chips are critically important in enhancing security at the physical point of sale (POS).


Visa's approach to credit card security is to use multiple layers of security.

For example, the data on the credit card is changed if it's stolen, to make the card useless (this is called "devaluing data").

Card holders are encouraged to use the latest technology and new services like alerts and location information in order to harness data and identify fraud before it occurs thus increasing confidence in  transactions.


Currently, the Visa system-wide fraud rate for consumer payments in Thailand is near a historic low at less than 3.3 cents out of every US$100 transacted.

The fraud rate for 2015 declined by two-thirds compared to a decade ago -- even as transaction volume over the same period quadrupled.


According to Cunningham, Visa is also trying to accelerate new consumer experiences by opening its network to its partners and clients and allow other people like software developers and start-ups to innovate on top of the security and the strength and reliability of Visa's credit card business.

"We are innovating, partnering, collaborating, to create these new types of experiences, so that consumers enjoy their experience of commerce and we maintain the importance of security at the centre," he added.


Cunningham provided an example of modern consumer experience where a client does not need to hand over a credit card when paying for services as payment data can be accessed from digital devices.

"That's so very convenient and secure because you are not handing over your card, there is not data in store, and it's a very simple experience that we expect consumers will have in the future," he said.

To learn more about credit card fraud, read the 2015 report here.

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  • accelerate: to happen or make something happen at a faster rate - เร่ง, เร่งความเร็ว, เพิ่มความเร็ว
  • according to (prep): as stated or reported by somebody/something - ตามคำบอกเล่า, ตามรายงาน
  • advanced (adj): having the most modern and recently developed ideas, methods, etc - ก้าวหน้า, สมัยใหม่
  • alert: a warning to people to be prepared to deal with something dangerous - การเตือนให้ระวัง
  • approach: a way of doing or dealing with something; a particular way of doing something or thinking about something - การจัดการกับปัญหา วิธีการทำให้ถึงจุดหมาย
  • based: where the main work of a business is done or controlled - ซึ่งเป็นศูนย์กลาง
  • cash: money in the form of notes or coins - เงินสด
  • client: a customer or someone who receives services - ลูกค้า
  • collaborate: to work together with someone else - ร่วมมือ
  • combat (verb): to try to stop something unpleasant or harmful from happening or increasing - ต่อต้าน
  • commerce: trade, especially between countries; the buying and selling of goods and services - การค้าขายสินค้า, ธุรกิจการค้า (commerce minister รัฐมนตรีว่าการกระทรวงพาณิชย์)
  • compare (verb): to show or state that somebody/something is similar to somebody/something else - เปรียบเทียบ
  • confidence: being certain of your abilities or of having trust in people, plans, or the future - ความมั่นใจ
  • connected: linked - เชื่อมต่อ เชื่อมโยง
  • consumer: someone who buys and uses goods and services - ผู้บริโภค
  • convenient: easy to do, or not causing problems or difficulties - สะดวก
  • critically: in an important way -
  • currently: at this time; now - ในปัจจุบัน
  • data: facts or information, especially when examined and used to find out things or to make decisions - ข้อมูล, ตัวเลข, สถิติ
  • decade: a period of ten years - ทศวรรษ
  • decline: becoming less - การลดลง
  • decline: to become less or worse - ลดลง
  • despite (prep): used to show that something happened or is true although something else might have happened to prevent it; used to show that somebody did not intend to do the thing mentioned - ถึงอย่างไรก็ตาม, ทั้ง ๆ ที่
  • detect: to notice, to discover or find out - พบได้, สังเกต
  • device (noun): a machine or piece of equipment that does a particular job - อุปกรณ์ เครื่องมือ เครื่องจักร
  • enhance: to improve the quality, amount or strength of something - ปรับปรุง, ทำให้ดีขึ้น
  • experience (verb): to have something happen to you or to live through some event - ประสบ
  • forecast: a statement about what will happen in the future based on information available now - การพยากรณ์, การคาดการณ์
  • fraud: the crime of intentionally deceiving someone or cheating in order to gain an advantage or benefit - การฉ้อโกง การหลอกลวง เล่ห์เพทุบาย
  • global: throughout the world - ทั่วโลก
  • hand over: to give somebody else control or the responsibility for something - มอบ
  • harness: to get control of - ใช้ประโยชน์จาก
  • historic: of historical importance - ที่สำคัญในประวัติศาสตร์
  • identity (noun): who someone is; what something is - เอกลักษณ์, ลักษณะพิเศษ, ลักษณะเฉพาะ
  • implement: to make something such as an idea, plan, system or law start to work and be used - นำแผนหรือนโยบายมาปฏิบัติ, นำมาใช้
  • in order to (prep): to cause something, to make something happen - เพื่อ, เพื่อที่จะ
  • innovate (verb): to create or invent new ideas, products, methods or equipment - อินนะเวท, ทำให้เกิดการเปลี่ยนแปลง, เปลี่ยนแปลงใหม่, ปรับปรุงใหม่, ปรับปรุง, นำสิ่งใหม่เข้ามา, ทำไม่ซ้ำแบบใคร
  • layer (noun): a level; a thin sheet of a substance; a level of material, such as a type of rock or gas, which is different from the material above or below it - ชั้น
  • location: where someone or something is - ที่ตั้ง,ทำเล
  • multiple: many - มากมาย
  • network: a large system of connected parts, organisations, people, etc. - เครือข่าย
  • online: controlled by or connected to a computer or to the Internet - ออนไลน์, การเชื่อมต่อผ่านระบบเครือข่ายทางคอมพิวเตอร์
  • overall (adj): total; including all the things or people that are involved in a particular situation; general - ทั้งหมด, โดยทั่วไป
  • partner (noun): two people, businesses, organizations, etc that work together on some project or business - ผู้ร่วมมือ, ผู้ร่วมกระทำ
  • partner: one of the people who owns a business and shares the profits, etc or works together with another business in an activity - หุ้นส่วน, ผู้ร่วมมือ,
  • personally: used for saying that you talking about yourself or are giving your own opinion - โดยส่วนตัว
  • phishing: when criminals try to trick people into giving them their secret bank information such as account numbers and passwords - การหลอกลวงทางอินเตอร์เน็ต, การส่งข้อความที่ดูน่าเชื่อถือ เพื่อหลอกลวงให้กรอกข้อมูลส่วนตัว ข้อมูลบัตรเครดิต ฯลฯ ลงไป
  • physical: existing in the real world, rather than in someone's imagination - โดยพละของธรรมชาติ, แท้จริง
  • potential: possible in the future - ที่อาจเป็นไปได้
  • present (verb): to give something to somebody, especially formally at a ceremony - ให้, มอบ
  • protect: to make sure that something is not harmed or damaged - ปกป้อง, ป้องกัน
  • purchase: the process of buying something - การซื้อ
  • quadruple: increase in size so that it is 4X larger -
  • recently (adverb): not long ago - เมื่อไม่นานมานี้, เมื่อเร็วๆ นี้
  • record: a written account of something that is kept so that it can be looked at and used in the future - บันทึก, รายงาน
  • region: a large area of land or space, usually without exact limits or borders - ภูมิภาค, ขอบเขต, แถบ, บริเวณ
  • relevant: directly connected and important to what is being discussed or considered - ที่เกี่ยวข้อง
  • reliability: the condition of being accurate and able to trusted; in statistics, the degree to which the measure is consistent, that is, repeated measurements would give the same result.— - ความน่าเชื่อถือ
  • replace: to change from one thing to another - แทน
  • risk: the possibility that something dangerous or unpleasant might happen - ความเสี่ยง
  • security: protection; systems providing for safety from attack, harm, or damage - ระบบรักษาความปลอดภัย
  • software developer: a person who writes computer programs and apps as their job -
  • sophisticated: complicated and advanced in design or planning - ซับซ้อน
  • standards: a level of quality that is normal or acceptable for a particular person or in a particular situation - มาตรฐาน, บรรทัดฐาน
  • start-up (noun): a company that is just beginning to operate - บริษัท เริ่มต้น
  • stolen (verb): (past participle of steal) illegally taken from someone/somewhere - กริยาช่องที่ 3 ของ steal ถูกขโมย, โจรกรรม
  • summit (noun): a meeting or series of meetings between leaders of or high-ranking representatives of two or more countries or organizations - การประชุมสุดยอด
  • theft (noun): (the act of) dishonestly taking something which belongs to someone else and keeping it - การลักขโมย
  • topic: a subject that you talk, write or learn about - เรื่อง, หัวข้อ
  • transaction: a business dealing - การติดต่อทางธุรกิจ
  • trend: a gradual change or development that produces a particular result   - ทิศทาง แนวโน้ม
  • volume (noun): an amount of something - ปริมาณ
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