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Chip & Pin fraud set to rise

10th May 2006

The Chip and Pin card payment system is increasingly vulnerable to attack from fraudsters, a leading expert has warned.

Fraud consultant Frank Abagnale is warning the system is being targeted by resourceful, technology-savvy and well- funded scam merchants. He says information transmitted by wireless chip-and Pin payment machines, popular in restaurants and pubs where customers pay at the table, are vulnerable to interception by a fraudster with a laptop and a snooping device.

Other scams to intercept personal and bank details are being aided by the availability of card skimmers being sold for less than £100 on the internet.

Abagnale - a former master forger who became an anti-fraud consultant-to the FBI for 31 years and on whomthe film Catch Me If You Can, starring Leonardo DiCaprio, was based - says the Shell incident forms part of a major new technology driven crime wave.

'Technology has made what I did very simple. Crime is getting easier, faster and harder to detect,' he adds.

For further information on Frank Abagnale or other speakers on the subject of security issues, contact Speakers Corner on +44 (0)20 7607 7070 or email info@speakerscorner.co.uk


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