Payment Card Fraud and Banking Regulation
Dr Steven J. Murdoch, University of Cambridge Computer Laboratory
4th International Crime Science Conference
15 July 2010, British Library, London
What does banking regulation
have to do with crime?
Letter denying refund for disputed transactions (American Express)
Example of revised terms and conditions for online purchases (Royal Bank of Scotland)
Customer financial losses
are not included in bank 
fraud statistics
“According to the 2008/09 BCS, 44 per cent of respondents who had experienced plastic card
fraud reported they suffered a monetary loss themselves (i.e. some or all of the monetary loss
was borne by the personal account holder).”
Debbie Moon et al. 2010, Acquisitive crime and plastic card fraud: Findings from the 2008/09 British Crime Survey
Card-not-present
Counterfeit
Better consumer protection contributes to the prevention and detection of crime
Allowing banks to shift liability to customers reduces the banks' incentive to combat fraud
Existing fraud statistics are not enough. BCS results show that further investigation is needed
Specifically, consumer protection
Source: APACS 2010