While card issuers and payments acquirers are speeding up their EMV rollouts, Kate Larson of the Consumer Bankers Association says banks also should be implementing other technologies, including tokenization, in their efforts to fight fraud.
While banking associations debate with merchant groups about cybersecurity responsibilities, SWACHA CEO Dennis Simmons says more attention must be paid to the role cardholders play in protecting their accounts.
MasterCard is testing a biometric wristband that authenticates a user's identity for payment card transactions by monitoring their heartbeat. Payment experts weigh in on whether the technology has the potential for widespread use in preventing card fraud.
Poor post-breach communication can cause as much damage to a company's reputation as the cyber-incident itself, says Al Pascual, a senior analyst at Javelin Strategy & Research, who will speak at ISMG's Fraud Summit Dallas.
The developers of the Backoff point-of-sale malware that's infected more than 1,000 U.S. businesses have continued to refine their attack code, including encrypting communications and making the malware tougher to spot or eradicate, researchers say.
The Dutch government this week upheld a 2012 U.S. extradition request for Vladimir Drinkman, who's accused of masterminding the "Shadowcrew" team that hacked Nasdaq, 7-Eleven and others, stealing 160 million cards and causing $300 million in damages.
A foreign currency flaw in Visa's EMV-based contactless payment card system in the U.K. could be abused to commit fraud using NFC-enabled Android devices, researchers say. But Visa discounts the possibility of real-world attacks succeeding.
FBI and Department of Homeland Security agents have arrested two men on charges that they stole $5.8 million using reloadable debit cards, which they funded by tricking to threatening victims into adding funds to a money-sending service.
The developer of CurrentC, a mobile wallet application, has confirmed a breach at its e-mail provider, which has resulted in the compromise of e-mail addresses for those participating in a pilot program or who requested information about it.
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Many issuers of chip-based credit cards will likely allow U.S. consumers to complete transactions with a signature, not a PIN, which will limit the fraud protections offered by EMV cards, says Citizen Financial Group's Tim Webb.
Visa is working closely with U.S. banking institutions and retailers to enhance payments security and push the migration toward EMV, says the card brand's Eduardo Perez, a featured presenter at ISMG's Fraud Summit New York.