The payments system is broken, opening consumers, financial institutions and retailers to endless incidents of card fraud. So, what can be done? Gray Taylor has some suggestions.
Improving mobile device security is one of the top information security priorities for the coming year, according to our new Healthcare Information Security Today survey. And that's not surprising, given the recent surge of interest in tablets, smart phones and other mobile devices.
ATM skimming is a huge fraud concern for banks and credit unions. But M&T Bank says it has developed an effective anti-skimming solution - and it wants to share this product with other institutions.
In the near future, financial institutions will have new opportunities for service in emerging payments. How they define their roles, however, will depend greatly on steps they take now to put a stake in the ground.
Two fraud suspects had the perfect scheme, skimming payment card numbers at local gas pumps and then using counterfeit cards to buy more than $70,000 worth of goods at area merchants. But then they got greedy.
As two recent fraud incidents prove, good work can be done when card issuers and retailers work in tandem. I hope we see more of that kind of collaboration going forward.
On Tuesday, Bank of America caved in to competitive and public pressure, reversing its decision to impose a fee for consumer debit transactions. So, now where will institutions find new revenue to help fight fraud?
Online risks, card skimming and data leakage are the top threats to Asia Pacific and Indian banks, and financial institutions are just starting to implement security measures and regulations to combat the growing threat landscape, says Gartner's Matthew Cheung.
"It is clear that Internet technology represents the moment of a change equivalent to the change brought on by the printing press and the steam machine," says Kosta Peric of SWIFT.
The only way to improve card security is for banks and merchants to align their strategies, says Gray Taylor of NACS. "This is something that hurts both of our industries. Fraud hurts us all."
The U.S. explosion in card skimming will be the ultimate catalyst for change from mag stripe to chip and PIN technology. "I do believe that shift has begun," says SVB's Pradeep Moudgal. "Everyone wants to be in a much more secure environment."
Pradeep Moudgal of California-based SVB says the bank's decision in June to migrate commercial credit cards over to EMV was easy. "The biggest advantage of the chip card, at the end of the day, is to reduce fraud," he says.
Roger Baker, CIO at the VA, says desktop computers will eventually phase out, as mobile devices become predominant channels for communication and work. That evolution has made plans for ongoing mobile security a priority for organizations that cross every business sector.
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