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.
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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