Irish businesses selling to US warned of ‘deluge’ of online fraud

Irish businesses selling into the US should be wary of a “deluge” of card fraud that will be created next year, according to a leading expert.

The roll-out of chip and pin cards in the US is set to dramatically reduce retail fraud but increase the prevalence of the problem online, according to chief executive of fraud prevention company Trustev, Pat Phelan.

Online or phone transactions, or card-not-present purchases, are more susceptible to fraud given that the card cannot be examined, and previous examples have shown the risk increases once chip and pin technology is introduced.