Although skimming attacks are still the greatest ATM fraud concern, experts warn that a new malware strain that targeted ATMs in Mexico may signal a shift and raises questions about software and operating system vulnerabilities.
Banking institutions and merchants are fighting back against cyber-attacks by sharing information and assisting law enforcement investigations, says Julie Conroy of Aite, which has issued a report about account takeover and cyberfraud trends.
The United States should be prepared for a dramatic increase in card-not-present fraud as cards using the EMV standard are widely deployed, says card fraud prevention expert Julie Conroy of Aite, who describes the reasons why.
In the wake of an ongoing stream of merchant and payment processing breaches, the FDIC is reminding smaller banking institutions that they are ultimately responsible for ensuring the security of cardholder data.
Mitigating card risks associated with retail malware attacks and POS vulnerabilities is a focus of updates to the PCI Data Security Standard, say Bob Russo and Troy Leach of the PCI Security Standards Council.
Version 3.0 of the Payment Card Industry Data Security Standard, to be released later this year, will include a focus on the standardization of compliance assessments, says Bob Russo of the PCI Security Standards Council.
Two more guilty pleas in a $200 million card fraud scheme highlight why banks need to ensure their identification verification policies are consistently applied and that customers are continually vetted and profiled.
In light of recent retail breaches, courts are likely to start holding retailers more accountable than they have in the past for financial losses that result from fraud, predicts analyst Al Pascual of Javelin.
A malware attack that exploited a point-of-sale vulnerability of a select group of Kentucky and Southern Indiana retailers has now been linked to attacks against Schnuck Markets Inc. and four other merchants.