Card-issuing banks struggle to find the balance between consumer satisfaction and protection. And in the wake of the Michaels breach, the financial industry knows it has to make a change. One industry expert says stronger card authentication is the answer, and he favors chip-based or EMV-like solutions.
Two stories stand out when I look back on the month of May: the POS PIN pad swap scheme that hit Michaels crafts stores in more than 20 states and the insider job at Bank of America that led to $10 million being stolen from some 300 customer accounts.
A July trial date has been set for a pay-at-the-pump skimming scheme that allegedly led to the theft of more than $150,000 from six Hawaii financial institutions, highlighting the growing fraud vulnerability of self-service card payments.
Kirk Herath, Chief Privacy Officer at Nationwide Insurance Companies, has been in privacy management for more than a decade, and he has two main concerns about today's enterprise: Mobile technology and cloud computing.
A Chicago consumer's federal lawsuit against Michaels raises questions about card-fraud liability, highlighting the blurring line between merchants and card issuers in the wake of a payments breach.
High-profile legal wrangles over ACH- and wire-related fraud remain at a standstill, despite the industry's ongoing discussions about corporate account takeover and how to fight it.
SWIFT's Gottfried Leibbrandt says conflicting regulatory mandates could further fragment the international payments market, if banks and governments don't align their strategies. Communication among governments, regulators and global financial institutions is critical.
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.
Payment card fraud is a reality the industry is learning to deal with, through stronger analytical tools and transaction monitoring, financial experts says.
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.
A new (ISC)2 information security workforce survey projects the doubling of federal government IT security staffs from 27,000 employees today to more than 61,000 by 2015. What's behind this growth?
Widely publicized reports aren't giving the full picture of an (ISC)2 survey that projects the doubling of the federal government IT security workforce by 2015.
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.
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