United Nations Federal Credit Union says member satisfaction and acceptance of the chip card have been contagious, since the bank launched the chip option last summer. The chip-card portfolio has proven to be the credit union's most successful.
"The timing and the targets point to China," says cybersecurity policy expert James Lewis. "Spying right before the Beijing Olympics and focusing on Southeast Asia reflects China's larger interests more than those of any other country."
Debit fraud in the U.S. continues to grow as transaction volume increases. As international markets move away from mag-stripe and toward chip & PIN technology, fraud experts say U.S. card issuers can expect to see fraud continue to escalate.
"It's time to stop shifting the security burden onto retailers and restaurants like Margarita's," says Gartner analyst Avivah Litan on the latest payment card breach. "In fact, it was time for that over five years ago."
In the wake of natural disasters or global political unrest, financial institutions of all sizes must be mindful of international fraud schemes and suspicious activity, says EastNets' Paul Buelens.
The Fed's ruling on interchange, mandated by the Durbin amendment, offers financial incentives for fraud-prevention investments and could fuel a U.S. move toward new card-payment technologies, like EMV.
Some 200 people have reported fraudulent debit and credit transactions hitting their accounts after dining at Margarita's Mexican Restaurant in Texas. Investigators believe a third-party vendor may have been hacked.
From the exposure of thousands of Citi cardholders to the Michaels debit breach, fraud continues to impact card issuers. Involving the consumer in prevention is a step financial institutions must take, says Javelin's Phil Blank.
With such high demand for security professionals, employers must be wary of the prospects they consider. People are known to inflate their resumes and claim knowledge they don't have.
Social media, mobility and cloud computing are new areas of risk for organizations, and risk managers need to go back to the fundamentals of understanding the information they are protecting, says Robert Stroud, ISACA's international vice president.
Doug Johnson of the American Bankers Association says banking institutions should spend the next five months focusing on their risk assessments, as they work to meet the FFIEC's new authentication guidance update.
Operation Night Clone, launched in November 2010, led to the arrest of 61 international suspects for the parts they played in an elaborate card-skimming scheme that spanned three continents.
Despite the latest $200,000 fraud spree in Florida, industry experts say pay-at-the-pump skimming incidents still account for a relatively low percentage of card compromises. ATMs remain the No. 1 target.
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