When breaches result from retailers' lax security practices, merchants should be obligated to help banking institutions cover fraud losses and other post-breach expenses, says Viveca Ware of the Independent Community Bankers of America.
Several payment system experts testifying at a Senate hearing on Feb. 3 urged the adoption of chip card technology in the wake of breaches at Target Corp. and Neiman Marcus. But representatives of banking and retailing engaged in some finger-pointing.
While details surrounding a suspected breach at Michaels remain unclear, two U.S. card issuers say they believe the retailer was targeted by point-of-sale malware similar to what compromised Target and Neiman Marcus.
The takedown of a counterfeit payment card website was enabled by collaboration between the FBI and the United States Postal Inspection Service. Learn why experts say more of this kind of dual-agency work is needed.
When did the Neiman Marcus data breach occur? The retailer says it may have begun last July, but banking and fraud experts point to evidence that suggests the breach actually may have occurred a year ago.
Evidence is mounting that the breaches reported by Target and Neiman Marcus are part of a wider assault against U.S. retailers. Meanwhile, payment card-issuing institutions say they're taking proactive steps to keep fraud at bay.