The Europay, MasterCard, Visa standard, commonly used in most global markets, is coming to the U.S. The sooner issuers, acquirers and merchants initiate migrations, the better, says Stephanie Ericksen, head of authentication product integration at Visa.
The Europay, MasterCard, Visa standard, commonly used in most global markets, is coming to the U.S. The sooner issuers, acquirers and merchants initiate migrations, the better, says Stephanie Ericksen, head of authentication product integration at Visa.
Skimming is a global epidemic, experts say, and global fraud losses linked to skimming will grow in 2012. So how will retailers and financial institutions respond?
A card compromise at a California-based grocery chain has raised questions about the efficacy of PCI-DSS. Experts say even if merchants are compliant, fraudsters can easily get around the security measures.
Retailers and fast-food chains throughout the world are reporting an uptick in point-of-sale skimming incidents. Why do fraudsters find retailers and restaurants so easy to target?
ATM skimming busts are wins for law enforcement. But how well would banking institutions detect the fraud if their customers weren't doing such good jobs of reporting these incidents?
Analog skimming devices that rely on audio technology are not new. They've been around since the early 1990s. But this less-expensive technology is making a comeback, some say, because of the downturn in the global economy.
The only way to improve card security is for banks and merchants to align their strategies, says Gray Taylor of NACS. "This is something that hurts both of our industries. Fraud hurts us all."
Criminals manipulate an ATM so that the cash requested is blocked or trapped. Once the user gives up and leaves the ATM, the fraudsters come in and remove the cash. So, how can banks prevent this scam?
Skimming incidents at bank branch ATMs and vestibules are adding up to huge losses. One bank says it could easily lose $50,000 over one weekend at a single ATM. So, what can institutions do to deter and detect skimmers?
The arrests of three Seattle-area men for their involvement in two separate ATM-skimming schemes highlight technological and social vulnerabilities that international fraudsters have learned to exploit with ease.
According to the Pasco County, Fla., Sheriff's Dept., at least 44 customers were defrauded of thousands of dollars, after their cards were skimmed at two walk-up ATMs at area banks, including Bank of America.
As more criminals target branch ATMs, industry experts wonder if links to insider fraud might not be to blame. Recent brazen attacks prove even in a bank or credit union lobby, ATM skimming can strike.
As more criminals target branch ATMs, industry experts wonder if links to insider fraud might not be to blame. Recent brazen attacks prove even in a bank or credit union lobby, ATM skimming can strike.
Technology to fight ATM skimming continues to advance, but so do the threats. Fraudsters have devised new ways to work around - if not defeat - new anti-skimming solutions, say industry experts who point to global ATM fraud trends.
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