2014 Faces of Fraud Survey: The Impact of Retail Breaches
Target is the big name that draws attention to a growing challenge for banking institutions: Who ultimately is responsible for mounting retail fraud losses - the merchant whose systems are breached, or the card brands and issuing institutions whose payment cards are compromised?
It's a heated debate that has reached the halls of the U.S. Congress, and it's a main topic of the 2014 Faces of Fraud Survey results webinar.
Register for this session to learn:
- Today's top fraud trends and their impact on banking institutions;
- Technology investments institutions plan in the coming year;
- Analysis of the survey results and how best to respond to retail data breaches.
This survey results webinar is sponsored by IBM. The survey itself is sponsored by Easy Solutions.
In the wake of the Target, Neiman Marcus and other retail breaches, banking/security leaders clearly feel abused and frustrated - and they want to see changes in how merchants conduct and process secure payments. This is the key theme of the 2014 Faces of Fraud Survey, subtitled The Impact of Retail Breaches.
Some main findings about retail breaches and their deep impact:
- 70% of respondents say they were impacted by the Target breach;
- The direct impacts include:
- 60% reissued payment cards;
- 50% lost time/resources to response
- 43% saw fraud incidents result from these breaches
- 48% believe the breached merchants ultimately should be held responsible for the compromises, while 28% say it's a shared blame because of the flawed payments system.
In this session, Tom Field of Information Security Media Group will review the final results of the 2014 Faces of Fraud survey. He then will moderate an expert panel to analyze these results and provide advice for how best to put the survey findings to work.
Among the other topics to be discussed:
- Why 62 percent of respondents first learn of fraud when their customers inform them;
- Whether recent anti-fraud investments have helped curtail account takeover incidents and losses;
- Why 75 percent of respondents rate their customer awareness efforts as average or worse.
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