Adoption of chip technology will not only help the U.S. payments infrastructure prepare for expected acceleration in mobile-based payments, Visa says, but will improve transaction security by providing dynamic authentication.
"You can do everything, but if you forget to change the keylocks on your dispensers, then you can be breached," says Gray Taylor, security expert at the National Association of Convenience Stores.
Bob Russo says the long-awaited PCI guidance on tokenization should provide merchants with a baseline for standardization and best practices, and serve as a roadmap for how tokenization can complement compliance with the PCI-DSS.
United Nations Federal Credit Union says member satisfaction and acceptance of the chip card have been contagious, since the bank launched the chip option last summer. The chip-card portfolio has proven to be the credit union's most successful.
"It's time to stop shifting the security burden onto retailers and restaurants like Margarita's," says Gartner analyst Avivah Litan on the latest payment card breach. "In fact, it was time for that over five years ago."
Some 200 people have reported fraudulent debit and credit transactions hitting their accounts after dining at Margarita's Mexican Restaurant in Texas. Investigators believe a third-party vendor may have been hacked.
"The action and manifestation of risk is not necessarily evident to today's users in the way it was in the past, and that creates a big inherent challenge for a CISO," says Malcolm Harkins, CISO at Intel Corp.
From the exposure of thousands of Citi cardholders to the Michaels debit breach, fraud continues to impact card issuers. Involving the consumer in prevention is a step financial institutions must take, says Javelin's Phil Blank.
As international ACH transactions increase, banking institutions can't just think about passing a security compliance audit. Effective and efficient monitoring will be keys to mitigating fraud risks.
Despite the latest $200,000 fraud spree in Florida, industry experts say pay-at-the-pump skimming incidents still account for a relatively low percentage of card compromises. ATMs remain the No. 1 target.
First-party fraud includes more than bad payments, and banking institutions should expand how they internally classify and track first-party fraud, even if regulatory definitions are limited in scope.
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.
Despite increased incidents, major U.S. card issuers receive poor marks for card fraud prevention, according to a new study from Javelin Strategy & Research. The biggest area of concern: card-not-present fraud.
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