Australian police head says delays to chip and PIN are costing consumers
The head of the Australian Federal Police has told banks in the country that the use of magnetic strip and signature system is past its sell by date, and delays in implementing new technology is leaving consumers vulnerable to fraud.
AFP Commissioner Mick Keelty made the comments at a card summit in Sydney, telling financial institutions that it was time to change the way financial transactions are carried out. Research shows the reduction of credit card fraud in Asia as result of the chip enabled smart cards, said Mr Keelty. If we look at credit cards - there has been a positive reduction in fraud with the introduction of chip technology in some Asian countries. The magnetic strip has outlived its day and is so easily copied and so easily defrauded that it is old technology, he added. Mr Keelty said that the introduction of chip and PIN technology in Malaysia has resulted in an 80% drop in counterfeit credit card fraud in the country. The introduction of chip and PIN in the UK has also reduced fraud, according to industry body APACS.
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Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Reports Buy online from $125
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