Despite India's move to EMV-chip payment cards, ATM fraud continues to take place. Experts say risk of skimming is not eliminated with chip cards if they still have magnetic stripe and ATMs continue to read these stripes.
Although the Reserve Bank of India mandated that banks complete the shift from magnetic stripe debit and credit cards to EMV chip-and-PIN cards by Jan. 1 to help reduce fraud, there's still plenty of work to be done.
So far, police have not found evidence that a major organized hacking group was responsible for the Cosmos Bank heist, which involved the theft of $13.5 million through ATMs and unauthorized SWIFT transactions. What steps should banks take to avoid becoming the next cyber heist victim?
What security strategies do financial organizations need to consider in the new PSD2 landscape? PSD2 outlines security requirements in three key areas.
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Secure customer interactions with third-party providers and banks;
Secure API transactions and account...
PSD2 presents opportunities and introduces new requirements for banks. Proactive, early-adopting organizations will be able to meet the new demands rapidly. By creating new alliances and providing innovative services, they will be able to provide value for both themselves and their customers.
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Defending against tomorrow's mobile attacks is a moving target; but new technologies and strategies, including behavioral biometrics and machine-learning-based analytics, are allowing financial institutions to reduce their fraud losses while enhancing their customer experience.
Based on the latest results of ISMG's...
Police in Europe have dismantled a cross-border gang devoted to perpetrating payment card fraud that they say used card skimmers, micro cameras and other devices to harvest payment card data from at least 3,000 victims.
The Faster Payments Initiative may help businesses shorten clearing times for financial transactions, and benefit personal banking consumers by ensuring that transactions and bill payments are completed in a timely fashion. However, fraudsters will look to exploit any system vulnerabilities to their advantage. Shorter...
High-pressure. Fast-paced. Threats coming from all directions. The battle against payment fraud isn't unlike the game of basketball. Wire fraud and ACH fraud are on the rise, and financial institutions cannot be slow on the defense - to win, they must detect fraud in real-time.
Banking channels through which...
Why are ATMs a top target for fraudsters? In an interview, Shirley Inscoe, a financial fraud expert and analyst at Aite Group, offers insights based on a new study and predicts the surge in skimming will continue next year.
Local police are investigating ATM skimming attacks at four New York hospitals. Security experts warn that fraudsters will likely continue to target locations, including hospitals, where ATMs are not closely monitored and around-the-clock access to the terminals is available.
In light of the increase in ATM fraud in India, it's essential that banks more closely monitor the security efforts of third-party service providers they increasingly are relying on to help manage their networks, says Prakash Joshi, COO at Electronic Payment Systems
As U.S. ATM operators face MasterCard's Oct. 21 EMV liability shift deadline, a surge in explosive attacks against European ATMs is a reminder that anti-fraud features won't block all money machine crime.
Thai police say they have identified all of the suspects allegedly involved in recent "jackpotting" malware attacks against 21 ATMs, leading to the theft of 12 million baht ($350,000). The malware is a new strain called "Ripper," raising concerns for banks worldwide.
A Japanese ATM cash-out scheme that stole $19 million from South Africa's Standard Bank in less than three hours comes as a wakeup call for India - a market that still has a large number of magnetic stripe cards and unsophisticated ATMs.
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