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.
U.S. and European institutions can learn from DBS Bank's example. In response to a rash of fraudulent withdrawals that cost accountholders $1 million, the bank is launching a new SMS/text alert service for ATM transactions.
New York law enforcement authorities have announced the arrest of a Romanian national and the takedown of an ATM skimming scheme that compromised more than 40 ATMs at HSBC bank branches in Manhattan, Long Island, and Westchester, N.Y.
The potential 30-year prison term and $1 million fine are significant, but so is the actual plea agreement - which may signal a new tactic in law enforcement officials' efforts to break up fraud rings.
The Department of Justice has indicted four Romanians for their alleged roles in a multimillion-dollar fraud scheme believed to have compromised hundreds of U.S. merchants and more than 80,000 U.S. consumers.
Law enforcement officials say a New York crime ring defrauded TD Bank of more than $450,000 in a check fraud scheme. What loophole did the fraudsters find to run this scam, which went undetected for nearly two years?
A card compromise at a California-based grocery chain has raised questions about the efficacy of PCI-DSS. Experts say even if merchants are compliant, fraudsters can easily get around the security measures.
Banks and credit unions are feverishly working to meet the FFIEC's authentication compliance deadline next year. But experts say institutions should be looking beyond the guidance, by making investments in cross-channel fraud detection.