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.
A legal dispute between a small merchant in Utah and its former payments processor has fueled a debate over contracts between merchants and acquirers. If successful, this case could spur contractual shifts that change the way card brands view liability after card breaches.
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?
Cyberhackers are increasing their efforts to target online credentials. And phishing attacks waged against accountholders at Chase in the U.S. and Barclays in the U.K. have made it clear that banking accounts are the target.
"You need a CISO today to manage not only the IT risks, but understand and influence the business risks that are imposed on the company by the decisions and strategies it takes," says John South, CISO at Heartland Payment Systems.
Breaches have an adverse impact on the fundamental operations of a business or government and without fully understanding that, executives and managers cannot smartly run their operations successfully.
Breaches have an adverse impact on the fundamental operations of a business or government and without fully understanding that, executives and managers cannot smartly run their operations successfully.
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."
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?
"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.
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 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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