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.
Our inaugural Fraud Summit on Oct. 22 at the Meadowlands in New Jersey will feature an impressive lineup of information security leaders offering timely insights about practical risk mitigation strategies.
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.
In the wake of an ongoing stream of merchant and payment processing breaches, the FDIC is reminding smaller banking institutions that they are ultimately responsible for ensuring the security of cardholder data.