WBC says skimming could increase
(14 April 2010 – Australia) Westpac Banking Corporation has said that card skimming is likely to rise and that old-style EFTPOS machines are paving the way for international criminal syndicates.
Speaking from the Senate Economics Reference Committee public hearing on small business’ access to finance, Jim Tate, Westpac’s chief product officer, said he expects that international criminal syndicates setting up multi-million skimming scams would get worse.
Mr Tate said he believes it is the bank’s responsibility to keep its customers information safe, The Australian reported.
Monitoring is improving, however the level of fraud is also improving, so the bank is kind of chasing that one at the moment, Mr Tate commented.
Mr Tate added that one of the elements to ensure safety was to make sure that the data feed from each terminal is quick and gets up through Westpac’s fraud process quickly.
Mr Tate highlighted that newer EFTPOS terminals were much higher quality than the older ones.
Independent senator Nick Xenophon, a member of the committee, said has called on banks, which provide EFTPOS machines to business, to upgrade and invest in fraud prevention programs, The Australian reported.
Banks have to do everything possible to ensure that small businesses and customers aren't being ripped off, Senator Xenophon said.
Senator Xenophon said that if that means investing more money in hi-tech fraud prevention programs, then so be it. The banks can well afford to do it.
Mr Tate said he believes it is the bank’s responsibility to keep its customers information safe, The Australian reported.
Monitoring is improving, however the level of fraud is also improving, so the bank is kind of chasing that one at the moment, Mr Tate commented.
Mr Tate added that one of the elements to ensure safety was to make sure that the data feed from each terminal is quick and gets up through Westpac’s fraud process quickly.
Mr Tate highlighted that newer EFTPOS terminals were much higher quality than the older ones.
Independent senator Nick Xenophon, a member of the committee, said has called on banks, which provide EFTPOS machines to business, to upgrade and invest in fraud prevention programs, The Australian reported.
Banks have to do everything possible to ensure that small businesses and customers aren't being ripped off, Senator Xenophon said.
Senator Xenophon said that if that means investing more money in hi-tech fraud prevention programs, then so be it. The banks can well afford to do it.
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