Credit card frauds worth $10m only in New Zealand
Date: October 23, 2006Source: STUFF
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Credit-card company Visa International says retailers are falling behind China when it comes to protecting customers' data.
Visa's research has revealed only a third of retailers are complying with global industry standards for payment security designed to reduce the threat of fraud.
It is also warning retailers they need to upgrade protection or face stiff penalties.
Ian McKindley, Visa's risk manager for Australia and New Zealand, said retailers could face penalties of up to $US500,000 ($NZ750,000) if they failed to install proper data protection.
Credit-card fraud on all New Zealand-held cards is worth about $10 million a year.
Retailers Association chief executive John Albertson said the priority for accreditation was extremely large retailers and there was none in that category in New Zealand.
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