Experts say card issuers picked up on the Michaels card breach by employing strong transaction monitoring and behavioral analytics, proving that cross-channel detection tools are the best ways to curb growing card-fraud schemes.
Michaels Stores Inc. says POS PIN pads at nearly 90 stores in 20 states were tampered with, exposing debit and credit cardholders to fraud. Now the chain says it is replacing PIN pads at the majority of its 964 U.S. stores.
Police and the U.S. Secret Service are now investigating a series of fraud incidents involving Chicago-area customers of the Michaels craft store chain, which appears to be another victim of POS device tampering.
"The phishing only works if the consumer participates; they have to click on something; they have to open something," says Neal O'Farrell of the Identity Theft Council. "So, based on that assumption, shouldn't we be doing more to educate them?"
Key questions: What impact - if any - will the recent RSA and Epsilon data breaches have on the FFIEC's pending authentication update? And when will this long-awaited banking guidance finally be released?
The Epsilon e-mail breach has opened the door for what experts fear could be 'massive spear phishing attacks.' Here are 7 security tips to help organizations protect themselves and their customers.
Bank of America branches in Greater Detroit were reportedly flooded this past weekend, after several BofA debit cardholders noticed fraudulent transactions on their accounts. A BofA spokesperson says "There was no breach at Bank of America."
Skimming remains the top threat to ATMs worldwide, but certain regions in Europe and Latin America are also seeing a rise in logical security breaches. Bottom line: ATMs are under attack.
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