Losses linked to debit fraud now exceed losses connected to check fraud, according to a new survey by the American Bankers Association. How are banks responding to the threat?
The Europay, MasterCard, Visa standard, commonly used in most global markets, is coming to the U.S. The sooner issuers, acquirers and merchants initiate migrations, the better, says Stephanie Ericksen, head of authentication product integration at Visa.
The Europay, MasterCard, Visa standard, commonly used in most global markets, is coming to the U.S. The sooner issuers, acquirers and merchants initiate migrations, the better, says Stephanie Ericksen, head of authentication product integration at Visa.
Skimming is a global epidemic, experts say, and global fraud losses linked to skimming will grow in 2012. So how will retailers and financial institutions respond?
DBS Bank is launching a new SMS/text alert service for ATM transactions, following a rash of fraudulent withdrawals that cost accountholders $1 million.
U.S. and European institutions can learn from DBS Bank's example. In response to a rash of fraudulent withdrawals that cost accountholders $1 million, the bank is launching a new SMS/text alert service for ATM transactions.
Financial institutions still have a long way to go to fight fraud and mitigate online banking vulnerabilities. But what exactly are the top vulnerabilities, and what can institutions do about them?
According to court records, Sabrina Matache and her co-conspirators collected PINs with hidden pinhole cameras installed near compromised ATMs at People's United Bank branches in Connecticut.
A card compromise at a California-based grocery chain has raised questions about the efficacy of PCI-DSS. Experts say even if merchants are compliant, fraudsters can easily get around the security measures.
Retailers and fast-food chains throughout the world are reporting an uptick in point-of-sale skimming incidents. Why do fraudsters find retailers and restaurants so easy to target?
ATM skimming busts are wins for law enforcement. But how well would banking institutions detect the fraud if their customers weren't doing such good jobs of reporting these incidents?
Banks and credit unions are feverishly working to meet the FFIEC's authentication compliance deadline next year. But experts say institutions should be looking beyond the guidance, by making investments in cross-channel fraud detection.
Analog skimming devices that rely on audio technology are not new. They've been around since the early 1990s. But this less-expensive technology is making a comeback, some say, because of the downturn in the global economy.
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."
Links between card-skimming attacks and ID theft are getting notice from U.S. federal prosecutors. But are the sentences being passed down from the courts strong enough to deter fraudsters?
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