Smart Security Industry welcomes Decline in Card
European Central Bank’s Second Report proves effectiveness of the Smart Security Industry’s activities
Brussels, July 23rd 2013 – Eurosmart, the Association of the Smart Security Industry in Brussels, and its Associate Member, Smart Payment Association (SPA), the trade body of the Smart Payment Industry, welcomed the development illustrated in the European Central Bank’s (ECB) “Second Report on Card Fraud”, according to which card fraud has been declining steadily since 2007.
“Our commitment to making the digital world a safer place seems to bear fruit”, said Oyvind Rastad, Eurosmart’s chairman. “The ECB clearly states the correlation between the decline in card fraud and technological advances making transactions more secure. The Smart Security Industry has, for example, been pushing very hard for cards with magnetic stripes to be replaced by the much safer chip cards, also called EMV cards.”
Andreas Strobel, President of the SPA, pointed out that, according the ECB, fraud acquired in card-not-present (CNP) transactions accounted for 56% of all fraud transactions and has been a main driver of fraud rates in previous years. The Smart Security Industry has developed solutions for securing remote payments that meet the recommendations of the ECB. “We are fully supporting the use of secure elements and strong authentication as recommended by the European Payment Council (EPC) in the ongoing public consultation on security requirements for remote cards payments”.
Eurosmart is an international non-profit association located in Brussels and representing the Smart Security Industry for multi-sector applications. Founded in 1995, the association is committed to expanding the world’s Smart Secure Devices market, developing Smart Security standards and continuously improving quality and security applications.
Members are manufacturers of smart cards, semiconductors, terminals, equipment for smart cards system integrators, application developers and issuers who work into dedicated working groups (communication, marketing, security, electronic identity, and prospect emerging markets).
Members are largely involved in political and technical initiatives as well as research and development projects at the European and international levels.
About the Smart Payment Association
The Smart Payment Association addresses the challenges of the evolving payment ecosystem, offering leadership and expert guidance to help its members and their financial institution customers realize the opportunities of smart, secure and personalised payment systems & services both now and for the future.