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STUART LAIDLAW
"PINs and chips are next weapons; cammers costing firms millions. Credit card fraud has come a long way from somebody lifting your wallet and using your cards, and both the costs and the stakes of the crimes have become much bigger, the president of Visa Canada says.
'There are hidden costs to this crime,' Derek Fry told the Economic Club of Toronto's breakfast meeting yesterday.
And it's those hidden costs that should concern people, he added.
Credit card fraud, which totalled $115 million in Canada for Visa alone last year, has come a long way from petty thieves running up bills on stolen cards. It is now an international crime involving gangs, organized crime and terrorists, Fry said.
'Funding sources are what criminal gangs and terrorist groups are all about,' Fry said. 'And they're not fussy about who they take the money from.'"
