Monex has seen a marked drop in the number of calls we receive from our merchants regarding fraud-related issues. This decrease in skimming is a direct result of Chip and PIN technology, a technology of which Monex was an early advocate
Toronto, Ontario (PRWEB) March 15, 2013
A report issued by the Interac Association (Interac) has found that debit card fraud losses resulting from skimming (the illegal copying of information from the magnetic strip of a credit or debit card) are at the lowest recorded levels since 2003, falling from a high of $142 million in 2009 to $38.5 million in 2012.
Interac is citing the move to Chip-enabled technology as one of the driving forces behind this shift. “As a recognized leader in debit payments, Interac has unique insights into payment trends,” says Parry Rosenberg, MONEXgroup’s (Monex) vice president of sales. “Monex has seen a marked drop in the number of calls we receive from our merchants regarding fraud-related issues. This decrease in skimming is a direct result of Chip and PIN technology, a technology of which Monex was an early advocate.”
Chip technology is widely regarded as one of the most effective ways for businesses to safeguard sensitive financial information as it cannot be copied. By the end of January 2013, 99% of debit cards and 99.6% of automatic bank machines (ABMs) across Canada had been converted to Chip technology. Further to that, nearly 90% of the country’s point-of-sale (POS) terminals have been converted to Chip and the remainder are mandated to be switched over by December 2015. As a leading provider of payment processing solutions, Monex was an early adopter of this progressive technology and made Chip terminals a central element in its strategy to combat fraud.
By utilizing chip-enabled debit cards and POS systems, merchants, and their customers, can be confident that they are doing what they can to protect themselves from debit card fraud.