Deadline by 2015 for CHIP & PIN for CDN Businesses

Here’s an article on security measures that will fight against rampant debit and credit card fraud in Canada.

I’ve recently had dinner with a few police detective friends who work in gang related atm,point-of-sale, debit & credit card fraud. We never talk about payment processing before because what we do is unrelated, but we somehow got into a topic that had some interesting crossover.

They told me that since Europe went CHIP & PIN based with their payment acceptance, the majority of the fraud and criminals migrated to Canada. When Canada is all CHIP & PIN based, they predict that most of the fraud crime will migrate to the United States.

My detective friends have told me that the reason for fraud migration from Europe to here is that criminals will use the same techniques in countries where there are no productive counter measures against their level of sophistication in fraud. They rather migrate, then try to redevelop a new way to break through the new security measures. That’s a waste of time and money for them.

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