Events , Fraud , Fraud Summit

Payment Card Fraud & the Future of Secure Payment
Payment Card Fraud & the Future of Secure Payment

Fraud Summit - Chicago 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. Register for this session and learn:

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  • The American Bankers Association's view of how institutions are fighting back with new solutions and strategies;
  • An attorney's perspective on legal pitfalls for financial institutions;
  • The Federal Reserve Bank of Chicago's vision of the future of the U.S. payments system.

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ISMG just completed its annual Faces of Fraud survey, and retail breaches such as Target and Sally Beauty dominated the responses. Some key findings:

  • 70% of respondents say they or their customers were impacted by the Target breach.
  • 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.

The message couldn't be clearer: Banking/security leaders feel abused and frustrated by recent retail breaches - and they want to see changes in how merchants conduct and process secure payments.

In this exclusive session, recorded at the 2014 Chicago Fraud Summit, hear about:

  • Retail Breaches: The Banks' View - by Doug Johnson of the ABA
  • Breach Litigation Update - from attorney Ronald Raether
  • New Strategic Direction - presented by Kirstin Wells of the Federal Reserve Bank of Chicago

The session concludes with a "Future of Payments Security" panel discussion moderated by Tracy Kitten, Executive Editor of BankInfoSecurity.

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 Chicago recordings:

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