A new set of patent infringement suits is targeting payment card networks, payment processors and e-commerce sites. Meanwhile, the American Bankers Association has endorsed pending federal legislation designed to help curb these legal actions.
Shoring up mobile security gaps should be a top 2014 priority for financial institutions, says Gartner analyst Anton Chuvakin, who contends many other security issues, including managing cloud vendors and other third parties, aren't so urgent.
New payment card security standards issued by the PCI Council include a number of improvements, plus some glaring omissions, such as requirements for mobile, security experts say. What are their chief concerns?
A recent ATM fraud scheme that targeted banks in three states illustrates just how sophisticated ATM attacks have become, experts say. Learn how fraudsters are increasingly keeping their skimming schemes concealed.
New requirements to mitigate payment card risks posed by third parties, such as cloud providers and payment processors, are a focal point of the PCI Security Standards Council's updated data security standard.
Despite upticks in account takeover fraud, small business owners still aren't doing enough to enhance their ACH and wire fraud defenses, say Michelle Di Gangi and David Pollino of Bank of the West.
Responsible financial institutions understand the importance of improving security to protect their banking clientele. The key to implementing improved security effectively is to balance security with the overall user experience and streamline steps between initiating and completing transactions. One of the most...
A recent ATM skimming scheme linked to the theft of hundreds of thousands of dollars is an indicator of a coming surge in this type of fraud, experts say. Learn about the causes of this trend.
Using "synthetic identities" to commit fraud is becoming easier, but it's increasingly difficult for organizations to detect this type of deception, says Claudel Chery of the U.S. Postal Inspection Service.
An insurer has dropped its lawsuit aimed at avoiding covering damages suffered in the Schnucks retail breach. But attorney Dan Mitchell says this case shows why more companies need cyber-insurance.
A low-tech card fraud scheme, which involves covering merchants' satellite dishes with aluminum foil, proves blocking payment transmissions can be just as damaging as intercepting them.
Although skimming attacks are still the greatest ATM fraud concern, experts warn that a new malware strain that targeted ATMs in Mexico may signal a shift and raises questions about software and operating system vulnerabilities.
Banking institutions and merchants are fighting back against cyber-attacks by sharing information and assisting law enforcement investigations, says Julie Conroy of Aite, which has issued a report about account takeover and cyberfraud trends.
Vermont's $30,000 settlement with a breached retailer proves states can play an important role in holding retailers more accountable for losses associated with card fraud, and issuers should take notice, one banker says.
The United States should be prepared for a dramatic increase in card-not-present fraud as cards using the EMV standard are widely deployed, says card fraud prevention expert Julie Conroy of Aite, who describes the reasons why.
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