Data breaches tied to credit and debit cards accounted for more than 25% of all breaches in 2011. What must banking institutions and merchants do to help reverse this trend?
Data breaches are under-reported, and breached organizations aren't giving consumers the information they need about these compromises, says Karen Barney of the Identity Theft Resource Center.
Bank of America blames a suspected breach of credit card data on an unidentified third party. What happened, and what can other institutions do to better protect themselves and their customers?
When Canadian police raided the homes of 12 suspects, they found stunning evidence of a major payment card skimming scheme involving ATMs and pay-at-the-pump gasoline terminals in Greater Toronto.
In the wake of the latest high-profile hacktivist attacks against banking institutions, industry experts offer these tips to bolster online security, customer awareness and the corporate image.
"The misfortune here for the banks is that they can have the best fraud-detection systems out there ... but it all breaks down when they call the 'hacker' to verify the transaction," says Gartner's Avivah Litan.
Chuck Groat, VP of bankcard risk management at Zions Bank, says his department has spent the New Year just trying to keep up with compromises - including the latest pay-at-the-pump attacks.
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.
Recently discovered viruses, consisting of Trojans and other malware, at City College of San Francisco have stolen personal banking information and other data from perhaps tens of thousands of students, faculty and administrators, says John Rizzo, president of the board of trustees.
A legal dispute between a small merchant in Utah and its former payments processor has fueled a debate over contracts between merchants and acquirers. If successful, this case could spur contractual shifts that change the way card brands view liability after card breaches.
Improved collaboration and communication between small businesses and financial institutions is the first step toward improving online security, says Mark Patterson, an ACH fraud victim. What else would help?
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?
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.
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