Strathclyde Associates Trading and Management Construction Company: Renovations are stressful, but if you rush through important details you could fall prey to one of these scams.
Scam artists are nothing new, but there are plenty of reasons to predict that even more of them will be around, due to tough economic times. While they tend to prey on the elderly, anyone who is not cautious and informed is a potential victim. Your best defense is a skeptical mind and knowing what to look out for when you hear about an offer that's "too good to refuse." Here are some of the most popular, and costly, home-improvement scams.
Home-renovation Scams - Strathclyde Associates Trading: One-time special
It's a rare business that's had only one sale in its entire history. The reality is that most businesses hold sales throughout the year, and that's not likely to change any time soon. If a contractor approaches you with a special offer, ask for concrete evidence that the quoted price is lower than what they have charged in the past for the same work. This could include a past catalog, special mailing, dated price list or evidence of identical work for a past customer.
Don't be pressured into accepting a deal that will expire before you've had a chance to do research, get competing bids and check references.
Home-renovation Scams - Strathclyde Associates Trading: I might as well
Be wary of the contractor who knocks on your door and says he's working just down the street. He tells you that he noticed a few things that need some work on your house and that you could save money by hiring him on the spot. Coincidentally, he just happens to have all the materials and tools to start right away.
This approach is often used to entice you into doing things that are visible from the outside, like roof repair, painting, window caulking, deck restoration, driveway coating and chimney repair. If the contractor claims to have all the materials, ask him where they came from and who paid for them. If they are left over from an earlier job, there's some chance that the previous homeowner footed the bill.
Cash before work
Nothing should set off more alarm bells than the contractor who wants to be paid in full for a project before it's started. This arrangement sets you up for a disappearing contractor who never starts the work.
A reasonable down payment is expected, to cover startup labor costs and materials. Normally, this should not exceed one-third of the total contract value; it's wise to make it as small as possible. The balance of the money can be tied to completion milestones to keep the contractor motivated to stay on schedule. Hold a sizable portion of the money until the project is finished, and make final payment dependent on your personal inspection and satisfaction.
Financing offers
Another warning flag is the offer to arrange financing to pay for your renovation, sometimes from a lender that the contractor knows personally. The offer may include a special interest rate for a limited time only. What won't be disclosed is that the contractor may be getting kickbacks or other favors from the lender.
If you don't review the loan papers carefully, you may later find out that you've signed up for a refinancing or high-interest home-equity loan, or unknowingly transferred your deed. If the money goes to the contractor, there's no incentive to complete the work. Always shop around for the best loan available, and consult an attorney if you need help understanding the terms and conditions.
Fly-by-night contractor
Be extremely wary if a contractor pulls into your driveway in an unmarked truck. If you talk to him, do it outside in public view. Anyone who enters your home is a potential burglar, or worse. If the truck has out-of-state plates, don't even waste your time.
For all contractors, you should apply due diligence. Verify name, business name and license number, address and telephone number. Ask for insurance papers, and verify that they are bonded in accordance with applicable laws.
Model home
Beware of the contractor who wants to fix up your home so he can show it off to other potential customers. You will likely be tempted by a deal that seems too good to pass up. But chances are pretty good that some or all of the work he's recommending doesn't really need to be done. Reputable contractors don't need models to showcase their work, and if they needed one, they wouldn't use an occupied home for that purpose.
Home-renovation Scams - Strathclyde Associates Trading: The bottom line
Use resources such as the Better Business Bureau, the Department of Consumer Protection and the local licensing board to check the contractor's business reputation and credentials. A history of consumer complaints, lawsuits and expired licenses are reasons to keep looking for a reliable contractor.
Common sense and good judgment offer the best protection from home-renovation scams. If it seems too good to be true, it probably is. It's always wise to get multiple estimates before starting any project. If there are wide differences in the quotes, try to figure out why. Most importantly, don't sign any contract that you don't understand completely.
Strathclyde Associates Trading and Management Construction Company is passionate in the belief that from adversity comes opportunity. We believe that sustainable competitive advantage is always predicated upon the focused execution of a few core strengths or priniciples that are indemic to each particular company.
Wednesday, 1 December 2010
Smartcard Scam: Stakeholders – University of Strathclyde and Associates Read more about University of Strathclyde by David Gani
Although cardholders are usually the focus of concern in matters of card fraud, there
are other stakeholders in the establishment, use and maintenance of smartcards. These
stakeholders are (1) cardholders; (2) merchants; (3) Acquirers; and each of these has
roles, responsibilities and risks in operation of the card system.
Research indicates that we can all do more to defeat criminals, particularly where
basic security measures are involved. Statistics, such as the following [8], are particularly
alarming and highlight the need for cardholders to be aware of the risk and impact
if they fail to protect their PIN number and card details:
• 25% of all UK residents have disclosed their PIN to someone else, exposing them
to heightened risk of fraud and potentially making them liable for any card fraud
losses they may suffer;
• 27% of Britons use the same PIN for all their cards and the average adult has four
cards each;
• 44% of people still allow their cards out of their sight (in restaurants and bars for
example) when settling a bill;
• 51% of online shoppers do not fully appreciate that the start of a website address
changes from ‘http’ to ‘https’ when they enter a website made secure for purchasing.
The key recommendation for cardholders is that they should be security conscious
and take all practical precautions when undertaking a card payment. Cardholder
complacency is still a large factor in card fraud levels. While card issuers are unlikely
to acknowledge vulnerabilities, in order to avoid adverse reputational impacts, increased
cardholder awareness of the risks and impacts associated with known vulnerabilities
in the Chip and PIN system, will ensure that they become less complacent.
The large variety of card terminals makes it difficult for a cardholder to identify
one that has been tampered with, but there are other ways they can notice fraudulent
actions, for example by being familiar with merchant best practices. This would allow
them to raise alarms with other staff members if suspicious behaviour is observed,
e.g., swiping a card prior to inserting it into a card terminal or watching a PIN
being entered. Cardholders should also check their credit card and current account
statements to identify any illicit transactions. One measure to limit exposure for a
debit card linked to a current account is to establish a second account containing a
smaller balance for use in card transactions.
are other stakeholders in the establishment, use and maintenance of smartcards. These
stakeholders are (1) cardholders; (2) merchants; (3) Acquirers; and each of these has
roles, responsibilities and risks in operation of the card system.
Research indicates that we can all do more to defeat criminals, particularly where
basic security measures are involved. Statistics, such as the following [8], are particularly
alarming and highlight the need for cardholders to be aware of the risk and impact
if they fail to protect their PIN number and card details:
• 25% of all UK residents have disclosed their PIN to someone else, exposing them
to heightened risk of fraud and potentially making them liable for any card fraud
losses they may suffer;
• 27% of Britons use the same PIN for all their cards and the average adult has four
cards each;
• 44% of people still allow their cards out of their sight (in restaurants and bars for
example) when settling a bill;
• 51% of online shoppers do not fully appreciate that the start of a website address
changes from ‘http’ to ‘https’ when they enter a website made secure for purchasing.
The key recommendation for cardholders is that they should be security conscious
and take all practical precautions when undertaking a card payment. Cardholder
complacency is still a large factor in card fraud levels. While card issuers are unlikely
to acknowledge vulnerabilities, in order to avoid adverse reputational impacts, increased
cardholder awareness of the risks and impacts associated with known vulnerabilities
in the Chip and PIN system, will ensure that they become less complacent.
The large variety of card terminals makes it difficult for a cardholder to identify
one that has been tampered with, but there are other ways they can notice fraudulent
actions, for example by being familiar with merchant best practices. This would allow
them to raise alarms with other staff members if suspicious behaviour is observed,
e.g., swiping a card prior to inserting it into a card terminal or watching a PIN
being entered. Cardholders should also check their credit card and current account
statements to identify any illicit transactions. One measure to limit exposure for a
debit card linked to a current account is to establish a second account containing a
smaller balance for use in card transactions.
Monday, 15 November 2010
University Of Strathclyde And Associates Types Of Card Fraud Scam
A recent report from the European Security Transport Association (ESTA) found that nearly 20% of the adult population in Great Britain has been targeted as part of a credit or debit card scam. As a result, the UK has been termed the Card Fraud Capital of Europe [1], with UK citizens twice as likely to become victims of card fraud as other Europeans. Plastic card fraud is a lucrative exploit for criminals and the proceeds may be used to fund organised crime. Smart payment cards (Chip and PIN cards) were introduced in the UK to replace magnetic stripe cards and support PIN verification of card transactions. By the end of 2005, more than 107 million of the 141.6 million cards in the UK had been upgraded to smart cards [2]. Levels of plastic card fraud fell by 13% to 439.4 million in 2005 [3] and again to 428 million in 2006 (Figure 1). The reduction has been widely attributed to the rollout of smart cards with Chip and PIN authentication.
Department of Computer and Information Sciences, University of Strathclyde and Associates, Glasgow G1 1XH, UK. Types of Card Fraud Scam. The UK Payments Association (APACS) has identified five categories of card fraud: Counterfeit Card Fraud, Skimming, Mail Non Receipt, Lost and Stolen Fraud, Card not Present
Counterfeit Card Fraud Scam. Counterfeit cards are also referred to as cloned cards. Counterfeit cards are made by altering and re-coding validly issued cards or by printing and encoding cards without permission from the card issuing company. Most cases of counterfeit fraud involve skimming of valid card details, a process whereby the genuine card details from the magnetic stripe are electronically copied onto another card, without the legitimate cardholders knowledge. In most cases, the cardholder will be unaware that their card details have been skimmed until card statements reveal that illicit transactions have been made on their account.
Skimming. Department of Computer and Information Sciences, University of Strathclyde and Associates, Glasgow G1 1XH, UK - Skimming of card details can happen at retail outlets where a corrupt employee can put a card through a skimming device which will copy data from the cards magnetic stripe so it can be used to encode a counterfeit card. Skimming can also occur at cash machines where a skimming device has been fitted. A skimming device is attached to the card entry slot where it records the electronic details from the magnetic stripe on the back of the inserted card. A separate pin-hole camera is hidden to overlook the PIN entry pad to record the PIN number. Fraudsters can then produce a counterfeit card for use with the captured PIN to withdraw cash at a cash machine. Criminals can also shoulder surf, whereby they watch the user entering a PIN and then steal the card for their own use. Another type of device can be inserted into a cash machine where it will trap the inserted card. A fraudster can then suggest retrying the PIN. Once the genuine cardholder gives up and leaves to contact the card issuer or cash machine operator, the criminal can then remove device, retrieve the card
and then use it with the PIN details they have observed.
Department of Computer and Information Sciences, University of Strathclyde and Associates, Glasgow G1 1XH, UK. Types of Card Fraud Scam. The UK Payments Association (APACS) has identified five categories of card fraud: Counterfeit Card Fraud, Skimming, Mail Non Receipt, Lost and Stolen Fraud, Card not Present
Counterfeit Card Fraud Scam. Counterfeit cards are also referred to as cloned cards. Counterfeit cards are made by altering and re-coding validly issued cards or by printing and encoding cards without permission from the card issuing company. Most cases of counterfeit fraud involve skimming of valid card details, a process whereby the genuine card details from the magnetic stripe are electronically copied onto another card, without the legitimate cardholders knowledge. In most cases, the cardholder will be unaware that their card details have been skimmed until card statements reveal that illicit transactions have been made on their account.
Skimming. Department of Computer and Information Sciences, University of Strathclyde and Associates, Glasgow G1 1XH, UK - Skimming of card details can happen at retail outlets where a corrupt employee can put a card through a skimming device which will copy data from the cards magnetic stripe so it can be used to encode a counterfeit card. Skimming can also occur at cash machines where a skimming device has been fitted. A skimming device is attached to the card entry slot where it records the electronic details from the magnetic stripe on the back of the inserted card. A separate pin-hole camera is hidden to overlook the PIN entry pad to record the PIN number. Fraudsters can then produce a counterfeit card for use with the captured PIN to withdraw cash at a cash machine. Criminals can also shoulder surf, whereby they watch the user entering a PIN and then steal the card for their own use. Another type of device can be inserted into a cash machine where it will trap the inserted card. A fraudster can then suggest retrying the PIN. Once the genuine cardholder gives up and leaves to contact the card issuer or cash machine operator, the criminal can then remove device, retrieve the card
and then use it with the PIN details they have observed.
Trends In Smartcard Scam: Lost And Stolen Fraud
Susan Burns, George R. S. Weir, Department of Computer and Information Sciences, University of Strathclyde, Glasgow G1 1XH, UK
A recent report from the European Security Transport Association (ESTA) found that
nearly 20% of the adult population in Great Britain has been targeted as part of a
credit or debit card scam. As a result, the UK has been termed the Card Fraud Capital
of Europe [1], with UK citizens twice as likely to become victims of card fraud as
other Europeans. Plastic card fraud is a lucrative exploit for criminals and the proceeds
may be used to fund organised crime. Smart payment cards (Chip and PIN
cards) were introduced in the UK to replace magnetic stripe cards and support PIN
verification of card transactions. By the end of 2005, more than 107 million of the
141.6 million cards in the UK had been upgraded to smart cards [2]. Levels of plastic
card fraud fell by 13% to 439.4 million in 2005 [3] and again to 428 million in
2006 (Figure 1). The reduction has been widely attributed to the rollout of smart
cards with Chip and PIN authentication.
Trends in Smartcard Scam, Department of Computer and Information Sciences, University of Strathclyde and Associates: Lost and Stolen Fraud. This type of fraud occurs when a card is lost by the cardholder or is stolen from them. Fraudsters can then use the card to obtain goods and services. Once the cardholder notices their card is gone, they will contact the card issuer but as it can take time to realise the card has gone, most fraud of this type takes place before the card has been reported as lost or stolen.
Levels of this type of fraud have remained static for the past five years but the introduction
of Chip and PIN is expected to reduce this by making it more difficult for
fraudsters to use a lost or stolen card in person at a retail outlet. Prior to Chip and
PIN, the retailer would verify that the signature on the sales voucher matched that
written on the back of the card. The signature strip was signed by the cardholder in
ink and was subject to wear and tear over the lifetime of the card.
University of Strathclyde and Associates - Mail Non-Receipt. This occurs where a card is stolen when it is in transit from the issuing bank or building
society to the cardholder. This is similar to lost and stolen fraud since it takes
time for the cardholder to realise that a card has not arrived. This delay is often compounded
by the fact that cards are often sent out automatically by the issuers rather
than at request of the cardholder, e.g. when a card is nearing its expiry date. Card issuers
have endeavoured to reduce levels of this type of fraud by using secure mail
services and/or requiring the cardholder to phone and activate the card before it can
be used. However, fraudsters could still intercept cards in transit and skim the details
before re-mailing them to the cardholder. Once the cardholder activates the card, the
fraudster can also use the counterfeit card produced using the skimmed details.
Credit card cheques, often sent to cardholders on an unsolicited basis by the card
issuing company, also offer criminals an additional means of obtaining unauthorised
spending against a card account.
Card Not Present, Trends in Smartcard Scam: Lost and Stolen Fraud. This type of fraud covers any card transactions where the cardholder is not physically
present, i.e. those conducted over the internet, telephone, fax and mail order, and is
now the largest type of card fraud in the UK [6]. Fraudsters obtain details of a card,
i.e. cardholder name, card number and the 3 digit security number from the back of
the card, and can use these to pay for goods or services over the internet, phone, fax
or mail order. Companies reliant on Card Not Present (CNP) transactions are unabl
e
A recent report from the European Security Transport Association (ESTA) found that
nearly 20% of the adult population in Great Britain has been targeted as part of a
credit or debit card scam. As a result, the UK has been termed the Card Fraud Capital
of Europe [1], with UK citizens twice as likely to become victims of card fraud as
other Europeans. Plastic card fraud is a lucrative exploit for criminals and the proceeds
may be used to fund organised crime. Smart payment cards (Chip and PIN
cards) were introduced in the UK to replace magnetic stripe cards and support PIN
verification of card transactions. By the end of 2005, more than 107 million of the
141.6 million cards in the UK had been upgraded to smart cards [2]. Levels of plastic
card fraud fell by 13% to 439.4 million in 2005 [3] and again to 428 million in
2006 (Figure 1). The reduction has been widely attributed to the rollout of smart
cards with Chip and PIN authentication.
Trends in Smartcard Scam, Department of Computer and Information Sciences, University of Strathclyde and Associates: Lost and Stolen Fraud. This type of fraud occurs when a card is lost by the cardholder or is stolen from them. Fraudsters can then use the card to obtain goods and services. Once the cardholder notices their card is gone, they will contact the card issuer but as it can take time to realise the card has gone, most fraud of this type takes place before the card has been reported as lost or stolen.
Levels of this type of fraud have remained static for the past five years but the introduction
of Chip and PIN is expected to reduce this by making it more difficult for
fraudsters to use a lost or stolen card in person at a retail outlet. Prior to Chip and
PIN, the retailer would verify that the signature on the sales voucher matched that
written on the back of the card. The signature strip was signed by the cardholder in
ink and was subject to wear and tear over the lifetime of the card.
University of Strathclyde and Associates - Mail Non-Receipt. This occurs where a card is stolen when it is in transit from the issuing bank or building
society to the cardholder. This is similar to lost and stolen fraud since it takes
time for the cardholder to realise that a card has not arrived. This delay is often compounded
by the fact that cards are often sent out automatically by the issuers rather
than at request of the cardholder, e.g. when a card is nearing its expiry date. Card issuers
have endeavoured to reduce levels of this type of fraud by using secure mail
services and/or requiring the cardholder to phone and activate the card before it can
be used. However, fraudsters could still intercept cards in transit and skim the details
before re-mailing them to the cardholder. Once the cardholder activates the card, the
fraudster can also use the counterfeit card produced using the skimmed details.
Credit card cheques, often sent to cardholders on an unsolicited basis by the card
issuing company, also offer criminals an additional means of obtaining unauthorised
spending against a card account.
Card Not Present, Trends in Smartcard Scam: Lost and Stolen Fraud. This type of fraud covers any card transactions where the cardholder is not physically
present, i.e. those conducted over the internet, telephone, fax and mail order, and is
now the largest type of card fraud in the UK [6]. Fraudsters obtain details of a card,
i.e. cardholder name, card number and the 3 digit security number from the back of
the card, and can use these to pay for goods or services over the internet, phone, fax
or mail order. Companies reliant on Card Not Present (CNP) transactions are unabl
e
University Of Strathclyde Card Id Theft: Trends In Smartcard Fraud Scam
Department of Computer and Information Sciences, University of Strathclyde and Associates. The introduction of smartcard technologies has reduced the incidence
of card fraud in the UK, but there are still significant losses from fraudulent
card use. In this paper we detail the context of smartcard introduction and describe
the types of fraud that remain a threat to cardholders and other stakeholders
in the card system. We conclude with a risk analysis from the cardholders
perspective and recommend greater cardholder awareness of such
risks.
A recent report from the European Security Transport Association (ESTA) found that
nearly 20% of the adult population in Great Britain has been targeted as part of a
credit or debit card scam. As a result, the UK has been termed the Card Fraud Capital
of Europe [1], with UK citizens twice as likely to become victims of card fraud as
other Europeans. Plastic card fraud is a lucrative exploit for criminals and the proceeds
may be used to fund organised crime. Smart payment cards (Chip and PIN
cards) were introduced in the UK to replace magnetic stripe cards and support PIN
verification of card transactions. By the end of 2005, more than 107 million of the
141.6 million cards in the UK had been upgraded to smart cards [2]. Levels of plastic
card fraud fell by 13% to 439.4 million in 2005 [3] and again to 428 million in
2006 (Figure 1). The reduction has been widely attributed to the rollout of smart
cards with Chip and PIN authentication.
Card ID Theft. Department of Computer and Information Sciences, University of Strathclyde and Associates, Glasgow G1 1XH, UK
Identity theft occurs when a criminal obtains an individuals personal information and
uses this to open or access card accounts in that individuals name. A criminal may
use stolen documents such as utility bills and bank statements, or false documents, to
give the necessary documentation to open up a card account. Alternatively, they can
use key bits of personal information to take control of an account, perhaps arranging
for payments to be taken from the card account or by changing account address details
and requesting issue of cheques or a new card.
Likely Trends. Department of Computer and Information Sciences, University of Strathclyde and Associates, Glasgow G1 1XH, UK. Wilhelm [7] considered the future of credit and debit card fraud due to the introduction of smart cards and predicted a hybrid period of approximately ten to fifteen yearsduring which magnetic stripe andsmart card technology would co-exist. In this period,fraudsters will get creative and exploit technology and social conditioning to devise
attacks on chip technology.
One of the highlighted concerns is allowing the use of the magnetic stripe as a
fallback where a chip fails to function. This permits fraudsters to circumvent a number
of the safeguards provided by smart card technology. This will prevent Chip and
PIN from fully addressing counterfeit card fraud made possible through the theft of
card details in transit or from lost/stolen scenarios. While the report predicts that a
significant reduction in card counterfeiting is likely to occur, it acknowledges that
while magnetic stripes are available, counterfeiting remains a viable option for fraudsters.
The report also highlights that fraudsters will focus their efforts on CNP fraud
and target merchants as a vulnerable link in the process.
of card fraud in the UK, but there are still significant losses from fraudulent
card use. In this paper we detail the context of smartcard introduction and describe
the types of fraud that remain a threat to cardholders and other stakeholders
in the card system. We conclude with a risk analysis from the cardholders
perspective and recommend greater cardholder awareness of such
risks.
A recent report from the European Security Transport Association (ESTA) found that
nearly 20% of the adult population in Great Britain has been targeted as part of a
credit or debit card scam. As a result, the UK has been termed the Card Fraud Capital
of Europe [1], with UK citizens twice as likely to become victims of card fraud as
other Europeans. Plastic card fraud is a lucrative exploit for criminals and the proceeds
may be used to fund organised crime. Smart payment cards (Chip and PIN
cards) were introduced in the UK to replace magnetic stripe cards and support PIN
verification of card transactions. By the end of 2005, more than 107 million of the
141.6 million cards in the UK had been upgraded to smart cards [2]. Levels of plastic
card fraud fell by 13% to 439.4 million in 2005 [3] and again to 428 million in
2006 (Figure 1). The reduction has been widely attributed to the rollout of smart
cards with Chip and PIN authentication.
Card ID Theft. Department of Computer and Information Sciences, University of Strathclyde and Associates, Glasgow G1 1XH, UK
Identity theft occurs when a criminal obtains an individuals personal information and
uses this to open or access card accounts in that individuals name. A criminal may
use stolen documents such as utility bills and bank statements, or false documents, to
give the necessary documentation to open up a card account. Alternatively, they can
use key bits of personal information to take control of an account, perhaps arranging
for payments to be taken from the card account or by changing account address details
and requesting issue of cheques or a new card.
Likely Trends. Department of Computer and Information Sciences, University of Strathclyde and Associates, Glasgow G1 1XH, UK. Wilhelm [7] considered the future of credit and debit card fraud due to the introduction of smart cards and predicted a hybrid period of approximately ten to fifteen yearsduring which magnetic stripe andsmart card technology would co-exist. In this period,fraudsters will get creative and exploit technology and social conditioning to devise
attacks on chip technology.
One of the highlighted concerns is allowing the use of the magnetic stripe as a
fallback where a chip fails to function. This permits fraudsters to circumvent a number
of the safeguards provided by smart card technology. This will prevent Chip and
PIN from fully addressing counterfeit card fraud made possible through the theft of
card details in transit or from lost/stolen scenarios. While the report predicts that a
significant reduction in card counterfeiting is likely to occur, it acknowledges that
while magnetic stripes are available, counterfeiting remains a viable option for fraudsters.
The report also highlights that fraudsters will focus their efforts on CNP fraud
and target merchants as a vulnerable link in the process.
Smartcard Scam: Stakeholders University Of Strathclyde And Associatessmartcard Scam: Stakeholder
Stakeholders by Susan Burns, George R. S. Weir, Department of Computer and Information Sciences, University of Strathclyde and Associates, Glasgow G1 1XH, UK
Although cardholders are usually the focus of concern in matters of card fraud, there
are other stakeholders in the establishment, use and maintenance of smartcards. These
stakeholders are (1) cardholders; (2) merchants; (3) Acquirers; and each of these has
roles, responsibilities and risks in operation of the card system.
Research indicates that we can all do more to defeat criminals, particularly where
basic security measures are involved. Statistics, such as the following [8], are particularly
alarming and highlight the need for cardholders to be aware of the risk and impact
if they fail to protect their PIN number and card details:
25% of all UK residents have disclosed their PIN to someone else, exposing them
to heightened risk of fraud and potentially making them liable for any card fraud
losses they may suffer;
27% of Britons use the same PIN for all their cards and the average adult has four
cards each;
44% of people still allow their cards out of their sight (in restaurants and bars for
example) when settling a bill;
51% of online shoppers do not fully appreciate that the start of a website address
changes from http to https when they enter a website made secure for purchasing.
The key recommendation for cardholders is that they should be security conscious
and take all practical precautions when undertaking a card payment. Cardholder
complacency is still a large factor in card fraud levels. While card issuers are unlikely
to acknowledge vulnerabilities, in order to avoid adverse reputational impacts, increased
cardholder awareness of the risks and impacts associated with known vulnerabilities
in the Chip and PIN system, will ensure that they become less complacent.
The large variety of card terminals makes it difficult for a cardholder to identify
one that has been tampered with, but there are other ways they can notice fraudulent
actions, for example by being familiar with merchant best practices. This would allow
them to raise alarms with other staff members if suspicious behaviour is observed,
e.g., swiping a card prior to inserting it into a card terminal or watching a PIN
being entered. Cardholders should also check their credit card and current account
statements to identify any illicit transactions. One measure to limit exposure for a
debit card linked to a current account is to establish a second account containing a
smaller balance for use in card transactions.
Stakeholders by Susan Burns, George R. S. Weir, Department of Computer and Information Sciences, University of Strathclyde and Associates, Glasgow. The agreements which merchants have with their acquirers spell out the terms under
which they can accept card payments. The terminals supplied by the acquirers determine
floor limits and undertake the Chip and PIN authorisation process. Vulnerabilities
exist when fraudsters have access to terminals and so merchants should seek
to address and improve staff awareness of process vulnerabilities that could lead to
card fraud through training. Staff should be trained in card transaction processes and
be empowered to request additional authorisation via a Code 10 call where they deem
necessary and know how to do this without putting themselves at risk.
Stakeholders by Susan Burns, George R. S. Weir, Department of Computer and Information Sciences, University of Strathclyde and Associates, Glasgow. Merchants must also be alert to the fact that they are a prime target for fraudsters.
Smartcard Scam: Stakeholders University of Strathclyde and Associates. They have a responsibility to be vigilant and monitor transactions and any suspicious
staff activities. References should be checked when hiring new staff. Systems holding
customer and transaction data must be adequately protected. Any concerns raised
by customers about staff undertaking card transactions should be investigated. Card
present merchants have various ways of reading and processing card details e.g. staff
inserts card, cardholder inserts card or card is swiped and this can make it difficult for
cardholders to know what would constitute a suspicious action by a member of staff.
Acquirer guidelines should be followed to minimise the risk of chargeback for
both card present and CNP transactions. The planned rollout of contactless cards in
the UK towards the end of 2007 may introduce further concerns for merchants as only
one in three low value transactions would be flagged for verification by PIN. For a
CNP merchant there are specific challenges as Chip and PIN is not currently an option
for this type of transaction and it is an area where card fraud has risen significantly.
The Address Verification System (AVS) allows retailers to verify the billing address
supplied with that associated with the cardholder and Card Security Code (CSC)
allows retailers to cross check a special security code held on the back of the card.
Card schemes are also introducing positive identification measures such as Verified
by Visa and MasterCard Secure Code to help merchants. Merchants should protect
themselves against chargebacks by introducing these measures for on-line transactions.
By 30th June 2007, all CNP merchants must have introduced this measure or at
least have a plan in place to do so. Chargeback of disputed transactions is likely for
any non-compliant merchants.
Smartcard Scam: Stakeholders University of Strathclyde and Associates. The acquirer or merchant acquirer is the bank retained by the retailer to process
payment card transactions on their behalf. Acquirers are responsible for paying the
merchant for the transactions they process. They do this on receipt of card transaction
details from retailers by passing them to the card issuer for authorisation and processing.
Acquirers are also responsible for obtaining transaction authorisation prior to the
delivery of goods and/or services.
The responsibility for maintenance and upgrades to card terminals also lies with
acquirers who risk who must provide clear instructions and guidelines to merchants in
order to minimise instances of card fraud and chargeback. Acquirers are increasingly
using fraud detection software to detect patterns that could be due to fraudulent activity.
This can be helpful in identifying and investigating unusual patterns of transactions.
Although cardholders are usually the focus of concern in matters of card fraud, there
are other stakeholders in the establishment, use and maintenance of smartcards. These
stakeholders are (1) cardholders; (2) merchants; (3) Acquirers; and each of these has
roles, responsibilities and risks in operation of the card system.
Research indicates that we can all do more to defeat criminals, particularly where
basic security measures are involved. Statistics, such as the following [8], are particularly
alarming and highlight the need for cardholders to be aware of the risk and impact
if they fail to protect their PIN number and card details:
25% of all UK residents have disclosed their PIN to someone else, exposing them
to heightened risk of fraud and potentially making them liable for any card fraud
losses they may suffer;
27% of Britons use the same PIN for all their cards and the average adult has four
cards each;
44% of people still allow their cards out of their sight (in restaurants and bars for
example) when settling a bill;
51% of online shoppers do not fully appreciate that the start of a website address
changes from http to https when they enter a website made secure for purchasing.
The key recommendation for cardholders is that they should be security conscious
and take all practical precautions when undertaking a card payment. Cardholder
complacency is still a large factor in card fraud levels. While card issuers are unlikely
to acknowledge vulnerabilities, in order to avoid adverse reputational impacts, increased
cardholder awareness of the risks and impacts associated with known vulnerabilities
in the Chip and PIN system, will ensure that they become less complacent.
The large variety of card terminals makes it difficult for a cardholder to identify
one that has been tampered with, but there are other ways they can notice fraudulent
actions, for example by being familiar with merchant best practices. This would allow
them to raise alarms with other staff members if suspicious behaviour is observed,
e.g., swiping a card prior to inserting it into a card terminal or watching a PIN
being entered. Cardholders should also check their credit card and current account
statements to identify any illicit transactions. One measure to limit exposure for a
debit card linked to a current account is to establish a second account containing a
smaller balance for use in card transactions.
Stakeholders by Susan Burns, George R. S. Weir, Department of Computer and Information Sciences, University of Strathclyde and Associates, Glasgow. The agreements which merchants have with their acquirers spell out the terms under
which they can accept card payments. The terminals supplied by the acquirers determine
floor limits and undertake the Chip and PIN authorisation process. Vulnerabilities
exist when fraudsters have access to terminals and so merchants should seek
to address and improve staff awareness of process vulnerabilities that could lead to
card fraud through training. Staff should be trained in card transaction processes and
be empowered to request additional authorisation via a Code 10 call where they deem
necessary and know how to do this without putting themselves at risk.
Stakeholders by Susan Burns, George R. S. Weir, Department of Computer and Information Sciences, University of Strathclyde and Associates, Glasgow. Merchants must also be alert to the fact that they are a prime target for fraudsters.
Smartcard Scam: Stakeholders University of Strathclyde and Associates. They have a responsibility to be vigilant and monitor transactions and any suspicious
staff activities. References should be checked when hiring new staff. Systems holding
customer and transaction data must be adequately protected. Any concerns raised
by customers about staff undertaking card transactions should be investigated. Card
present merchants have various ways of reading and processing card details e.g. staff
inserts card, cardholder inserts card or card is swiped and this can make it difficult for
cardholders to know what would constitute a suspicious action by a member of staff.
Acquirer guidelines should be followed to minimise the risk of chargeback for
both card present and CNP transactions. The planned rollout of contactless cards in
the UK towards the end of 2007 may introduce further concerns for merchants as only
one in three low value transactions would be flagged for verification by PIN. For a
CNP merchant there are specific challenges as Chip and PIN is not currently an option
for this type of transaction and it is an area where card fraud has risen significantly.
The Address Verification System (AVS) allows retailers to verify the billing address
supplied with that associated with the cardholder and Card Security Code (CSC)
allows retailers to cross check a special security code held on the back of the card.
Card schemes are also introducing positive identification measures such as Verified
by Visa and MasterCard Secure Code to help merchants. Merchants should protect
themselves against chargebacks by introducing these measures for on-line transactions.
By 30th June 2007, all CNP merchants must have introduced this measure or at
least have a plan in place to do so. Chargeback of disputed transactions is likely for
any non-compliant merchants.
Smartcard Scam: Stakeholders University of Strathclyde and Associates. The acquirer or merchant acquirer is the bank retained by the retailer to process
payment card transactions on their behalf. Acquirers are responsible for paying the
merchant for the transactions they process. They do this on receipt of card transaction
details from retailers by passing them to the card issuer for authorisation and processing.
Acquirers are also responsible for obtaining transaction authorisation prior to the
delivery of goods and/or services.
The responsibility for maintenance and upgrades to card terminals also lies with
acquirers who risk who must provide clear instructions and guidelines to merchants in
order to minimise instances of card fraud and chargeback. Acquirers are increasingly
using fraud detection software to detect patterns that could be due to fraudulent activity.
This can be helpful in identifying and investigating unusual patterns of transactions.
Risk Assessment: Smartcard Fraud Scam
Risk Assessment Department of Computer and Information Sciences, University of Strathclyde and Associates. Security is a balance between confidentiality, authentication and integrity versus convenience, cost and reliability. Figure 4 illustrates the balance that must be struck by stakeholders when implementing technical solutions to counter security vulnerabilities,
Abstract. The introduction of smartcard technologies has reduced the incidence
of card fraud in the UK, but there are still significant losses from fraudulent
card use. In this paper we detail the context of smartcard introduction and describe
the types of fraud that remain a threat to cardholders and other stakeholders
in the card system. We conclude with a risk analysis from the cardholders
perspective and recommend greater cardholder awareness of such
risks. Susan Burns, George R. S. Weir
Department of Computer and Information Sciences, University of Strathclyde,
Glasgow G1 1XH, UK
Risk Assessment. Department of Computer and Information Sciences, University of Strathclyde and Associates. Security is a balance between confidentiality, authentication and integrity versus convenience, cost and reliability. Figure 4 illustrates the balance that must be struck by stakeholders when implementing technical solutions to counter security vulnerabilities, essentially this boils down to cost versus benefits.
This generic approach can be applied to security measures for smart card payments,
whereby:
Cost is the amount it costs the card issuer and card scheme to support the plastic
card payments, including the cost of implementing changes to the system e.g.
longer keys or moving to online authentication to validate all card transactions;
Performance considers convenience and reliability e.g. avoiding reputational
damage or inconvenience for customers or retailers;
Risk is remaining level of risk which the security measures have not fully mitigated.
This could be financial loss, additional costs, loss of market share, reputational
damage, corporate embarrassment, legal or regulatory investigation or risk
to personal safety.
The potential loss or exposure from a given risk can be reduced through assessing and
management of the risk (Figure 5). Effective risk reduction methods may leave an
element of residual risk, but will bring benefits, although these may not always be financial, e.g., they could be reputational benefits.
A risk map is a technique to analyse and illustrate risks, likely causal events and potential
impacts [10]. The links shown are not always exhaustive but demonstrate the
potentially wide ranging impacts of each risk and support analysis of outcomes and
mitigation actions. As a tool, they also allow flexibility to consider how the impact of
one risk, e.g., card stolen, can be compounded by the occurrence of other risks, such
as the PIN having been obtained.
Figure 6 illustrates a risk map analysis for the cardholder, based upon four primary
risk conditions, card obtained by fraudsters, card details obtained by fraudsters, PIN
obtained by fraudsters, and PIN forgotten by cardholder. The associated cardholder
events represent the contexts in which the risks are created, and the impact arising
from these circumstances is also indicated.
For the cardholder, the key risks centre on the components for which the cardholder
is responsible, namely the smartcard, the PIN and documents such as statements
and receipts that contain card details. The events include some that are within
the cardholders control, e.g., keeping a note of the PIN number, but others such as a compromised terminal are beyond cardholder control.
Summary and Conclusions. Risk Assessment Department of Computer and Information Sciences, University of Strathclyde and Associates. The introduction of smartcards to the UK marketplace has had a significant effect in reducing the incidence of card fraud, but further steps are required to prevent continued instances of fraud. A key step in this direction is to clarify the roles, responsibilities and risks faced by the different stakeholders in the card process. Furthermore, awareness raising in which cardholders become more conscious of their risks and responsibilities may afford the best defence against consumer fraud. Our analysis of the card process, stakeholders and cardholder risks may contribute to this awareness.
Read more: http://www.articlesnatch.com/Article/Risk-Assessment--Smartcard-Fraud-Scam/1768767#ixzz15LJl3nUN
Under Creative Commons License: Attribution No Derivatives
Abstract. The introduction of smartcard technologies has reduced the incidence
of card fraud in the UK, but there are still significant losses from fraudulent
card use. In this paper we detail the context of smartcard introduction and describe
the types of fraud that remain a threat to cardholders and other stakeholders
in the card system. We conclude with a risk analysis from the cardholders
perspective and recommend greater cardholder awareness of such
risks. Susan Burns, George R. S. Weir
Department of Computer and Information Sciences, University of Strathclyde,
Glasgow G1 1XH, UK
Risk Assessment. Department of Computer and Information Sciences, University of Strathclyde and Associates. Security is a balance between confidentiality, authentication and integrity versus convenience, cost and reliability. Figure 4 illustrates the balance that must be struck by stakeholders when implementing technical solutions to counter security vulnerabilities, essentially this boils down to cost versus benefits.
This generic approach can be applied to security measures for smart card payments,
whereby:
Cost is the amount it costs the card issuer and card scheme to support the plastic
card payments, including the cost of implementing changes to the system e.g.
longer keys or moving to online authentication to validate all card transactions;
Performance considers convenience and reliability e.g. avoiding reputational
damage or inconvenience for customers or retailers;
Risk is remaining level of risk which the security measures have not fully mitigated.
This could be financial loss, additional costs, loss of market share, reputational
damage, corporate embarrassment, legal or regulatory investigation or risk
to personal safety.
The potential loss or exposure from a given risk can be reduced through assessing and
management of the risk (Figure 5). Effective risk reduction methods may leave an
element of residual risk, but will bring benefits, although these may not always be financial, e.g., they could be reputational benefits.
A risk map is a technique to analyse and illustrate risks, likely causal events and potential
impacts [10]. The links shown are not always exhaustive but demonstrate the
potentially wide ranging impacts of each risk and support analysis of outcomes and
mitigation actions. As a tool, they also allow flexibility to consider how the impact of
one risk, e.g., card stolen, can be compounded by the occurrence of other risks, such
as the PIN having been obtained.
Figure 6 illustrates a risk map analysis for the cardholder, based upon four primary
risk conditions, card obtained by fraudsters, card details obtained by fraudsters, PIN
obtained by fraudsters, and PIN forgotten by cardholder. The associated cardholder
events represent the contexts in which the risks are created, and the impact arising
from these circumstances is also indicated.
For the cardholder, the key risks centre on the components for which the cardholder
is responsible, namely the smartcard, the PIN and documents such as statements
and receipts that contain card details. The events include some that are within
the cardholders control, e.g., keeping a note of the PIN number, but others such as a compromised terminal are beyond cardholder control.
Summary and Conclusions. Risk Assessment Department of Computer and Information Sciences, University of Strathclyde and Associates. The introduction of smartcards to the UK marketplace has had a significant effect in reducing the incidence of card fraud, but further steps are required to prevent continued instances of fraud. A key step in this direction is to clarify the roles, responsibilities and risks faced by the different stakeholders in the card process. Furthermore, awareness raising in which cardholders become more conscious of their risks and responsibilities may afford the best defence against consumer fraud. Our analysis of the card process, stakeholders and cardholder risks may contribute to this awareness.
Read more: http://www.articlesnatch.com/Article/Risk-Assessment--Smartcard-Fraud-Scam/1768767#ixzz15LJl3nUN
Under Creative Commons License: Attribution No Derivatives
Tuesday, 21 September 2010
Strathclyde Associates Construction Management News: Committed to a Greener Construction Process
Patented alternative construction technology company Imison reports that a number of factors in its manufacturing and supply chain processes contribute to a greener construction process.
Strathclyde Associates Trading and Management Construction Company
We have recently purchased and shipped a large quantity of cement type HE: High Early Strength from Indonesia for one of our projects in Seoul, South Korea. Though we did extensive quality control testing on arrival in Seoul, we found substantial defects in the quality of the cement.
Strathclyde Associates Trading News: CADLearning AutoCAD Architecture 2011 Tutorials Published
4D Technologies, an Autodesk Authorized Publisher specializing in self-paced eLearning for CAD and BIM software , announced today that it has published its CADLearning AutoCAD Architecture 2011 Tutorial Series.
Strathclyde Associates Trading and Management Construction Company
We have recently purchased and shipped a large quantity of cement type HE: High Early Strength from Indonesia for one of our projects in Seoul, South Korea.
Tuesday, 31 August 2010
“Strathclyde Associates” Taking A Look - China’s Economy Part Two
“Strathclyde Associates” Taking A Look - China’s Economy: China ran its first monthly trade deficit in six years in March.
Monday, 16 August 2010
Stock Market Shift Attributed to Green Investment Featured by Strathclyde Associates Korea
Strathclyde Associates Featured: Stock Market Shift Attributed to Green Investment. The exploration and expansion of these technologies has also been a great catalyst for green collar jobs.
About Us: Strathclyde Associates Trading & Management Construction Company
For over 5 years, Strathclyde Associates Trading and Management Construction Company's professionals have been a leading Service Providers to the construction industry.
Strathclyde Associates Trading News: CADLearning AutoCAD Architecture 2011 Tutorials Published
4D Technologies, an Autodesk Authorized Publisher specializing in self-paced eLearning for CAD and BIM software , announced today that it has published its CADLearning AutoCAD Architecture 201...
Strathclyde Associates Construction Management News: Design Firms Are Reluctant to Adopt Collaborative Project Methods
WAYLAND, Mass. — Many architecture and engineering leaders believe integrated project delivery (IPD) — where architects, engineers, owners, contractors, and subcontractors work collaboratively...
Innovative Investment Solutions: Strathclyde Associates Korea
A constant commitment to our clients is the strong foundation of the business culture at Strathclyde Associates.
Providing services globally to a vast group of clients that include private individuals, financial institutions, governments and corporations.
Providing services globally to a vast group of clients that include private individuals, financial institutions, governments and corporations.
Strathclyde Associates Korea: Innovative Investment Solutions
Join Strathclyde Associates Korea team now. For inquiries regarding employment opportunities please send your resume to: info@strathclydeassociates.com
A constant commitment to our clients is the strong foundation of the business culture at Strathclyde Associates.
A constant commitment to our clients is the strong foundation of the business culture at Strathclyde Associates.
Sunday, 15 August 2010
Tuesday, 10 August 2010
Building Materials: Strathclyde Associates Trading & Management Construction Company
We sourced many construction materials. Part of our service is sourcing the best quality and price and provides a full and just in time shipping delivery service.
Welcome to Strathclyde Associates Trading & Management Construction Company
The company was established in early 2005 to serve the booming international construction industry. We work with associate companies worldwide.
Innovative Investment Solutions by Strathclyde Associates
A constant commitment to our clients is the strong foundation of the business culture at Strathclyde Associates. Providing services globally to a vast group of clients that include private individuals
Strathclyde Associates Korea Investment Guide: Investment Strategy
A well-planned investment strategy is essential before having any investment decisions. A business strategy is generally based upon long run period.
Prospects for bond markets by Strathclyde Associates based in Korea
The latest developments in Greece have shown that the warning is fully justified. Sovereign debt defaults may still occur, and the single currency system in Europe may not survive in its present form.
Strathclyde Associates based in Korea: Prospects for bond markets
The Bank of International Settlements has recently warned “that the aftermath of the financial crisis is poised to bring the simmering fiscal problems in industrial economies to boiling-point”
Strathclyde Associates Korea: Market Outlook June– Second Part
The latest developments in Greece have shown that the warning is fully justified. Sovereign debt defaults may still occur, and the single currency system in Europe may not survive in its present form.
Market Outlook June– Second Part: Strathclyde Associates
Market Outlook June 2010: “Strathclyde Associates, Korea”: The Greek situation remains in the eye of the storm, and has led to the decision to downgrade its debt to “junk” status
Strathclyde Associates Korea Our Corporate Profile
Providing services globally to a vast group of clients that include private individuals, financial institutions, governments and corporations.
Strathclyde Associates Korea Investment Guide Investment Strategy
A well-planned investment strategy is essential before having any investment decisions. A business strategy is generally based upon long run period. Formation of business strategy largely dependent upon the factors such as long-term goals and risk on the investment.
Strathclyde Associates Feature Green Energy Overtakes Fossil Fuel Investment Says Un
Clean technologies attract $140bn compared with $110bn for gas, coal and electrical power
Green energy overtook fossil fuels in attracting investment for power generation for the first time last year, according to figures released today by the United Nations.
Green energy overtook fossil fuels in attracting investment for power generation for the first time last year, according to figures released today by the United Nations.
Strathclyde Associates Korea Innovative Investment Solutions
A constant commitment to our clients is the strong foundation of the business culture at Strathclyde Associates.
Strathclyde Associates Korea Research And Other Services
At Strathclyde Associates we realize that in order for us to provide a superior service to our clients in managing their portfolios we need to ensure that we provide them the most accurate investment advice based on the epitome of fundamental research.
Monday, 9 August 2010
Our Clients and Investors by Strathclyde Associates Korea
At Strathclyde Associates we pride ourselves on the ethical standards of our people, their professional integrity and honesty. This ensures a complete and unyielding certainty, which is the achievemen
Our Clients and Investors by Strathclyde Associates Korea
At Strathclyde Associates we pride ourselves on the ethical standards of our people, their professional integrity and honesty. This ensures a complete and unyielding certainty, which is the achievemen
Our Corporate Profile: Strathclyde Associates Korea
At Strathclyde Associates we pride ourselves with comprehending each individual client’s unique financial needs and preferences.
Strathclyde Associates Trading and Management Construction Company
We have recently purchased and shipped a large quantity of cement type HE: High Early Strength from Indonesia for one of our projects in Seoul, South Korea.
Strathclyde Associates Investment Guide: Investment Strategy
A well-planned investment strategy is essential before having any investment decisions. A business strategy is generally based upon long-run period. Formation of business strategies are largely dependent upon the factors such as long-term goals and risk on the investment.
Building Materials Strathclyde Associates Trading Management Construction Company
We sourced many construction materials. Part of our service is sourcing the best quality and price and provides a full and just in time shipping delivery service.
Sunday, 8 August 2010
About Us: Strathclyde Associates Trading & Management Construction Company
For over 5 years, Strathclyde Associates Trading and Management Construction Company’s professionals have been a leading Service Providers to the construction industry.
Strathclyde Associates Market Outlook December 2009
Whilst the death knell for the US Dollar has been sounded often in recent years, it weakness has still not alarmed investors...yet! The dollar has declined 15 percent against a raft of six major
Strathclyde Associates based in Korea: Prospects for bond markets
The Bank of International Settlements has recently warned “that the aftermath of the financial crisis is poised to bring the simmering fiscal problems in industrial economies to boiling-point”
Strathclyde Associates Based In Korea, Prospects For Bond Markets
The latest developments in Greece have shown that the warning is fully justified. Sovereign debt defaults may still occur, and the single currency system in Europe may not survive in its present form.
Thursday, 5 August 2010
Welcome to Strathclyde Associates Trading & Management Construction Company
http://www.pubarticles.com/article-welcome-to-strathclyde-associates-trading-management-construction-company-1279856587.html
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