As key governments--especially in Latin America and Asia Pacific--start protecting against the most common forms of credit card fraud, they are pushing the thieves into other countries and making it the problem of another country's retailers, according to a new report from market research firm Frost & Sullivan.
"There is a noticeable shift in card related fraudulent activities to
neighboring countries using less secure magnetic stripe cards for a majority of their transactions. With the United Kingdom implementing Chip
and PIN and France implementing dynamic data authentication (DDA) cards, countries such as Germany and Italy are facing the brunt of the increasing migration of fraud," the report said. "Singapore and Indonesia are facing a significant threat from fraud escalation and are considering a move toward EMV-compliant card technology. This phenomenon is significantly feeding the demand for electronic funds transfer (EFT) at point-of-sale (POS) terminals worldwide."