Payment Card Fraud, EMV Adoption & the Merchant Challenge
Fraud Summit - San Francisco 2014 - Payment card fraud remains a top challenge for financial institutions. The latest wrinkle: Breached retailers such as Target and Neiman Marcus, whose compromises led to wholesale card fraud. Card issuers absorb increasing losses linked to debit and credit fraud, yet they have little control over the third-party points of compromise. Register for this session and learn more about:
See Also: Data Security Risk: A CISO's Perspective
- How institutions are fighting back;
- The misunderstood role of PCI DSS;
- EMV and the future of secure payments.
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. According to the 2014 Faces of Fraud Survey:
- 70% of respondents say they or their customers were impacted by the Target breach, while 25% felt effects from Sally Beauty, and 24% from Neiman Marcus.
- The direct impacts reported by respondents 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 lively panel, recorded at the 2014 San Francisco Fraud Summit, hear three distinct points of view from a banking association's perspective; a Gartner researcher who wrote the book on PCI compliance; and a leading financial services vendor and anti-fraud expert. Together these thought-leaders point toward the future of secure payments.
ISMG's Fraud Summits are one-day events focused exclusively on the top fraud trends impacting organizations and the mitigation strategies to overcome those challenges.
All 2014 Fraud Summit San Francisco recordings:
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