Another organized cyber-attack and subsequent cash-out scheme illustrates increasing risks to the U.S. payments chain. One fraud expert says this trend "is of grave concern" for banking institutions and their accountholders.
Financial fraud expert Joe Rogalski explains why card issuers are ultimately responsible for losses linked to ATM cash-out schemes, like the $45 million worldwide cyberheist that made headlines last month.
A recent ATM cash-out scheme that netted $45 million puts a spotlight on the need for preventive measures, says John Buzzard of FICO's Card Alert Service. He offers several fraud mitigation tips.
How could global fraudsters steal $45 million from banking institutions without being detected or stopped? It was a process breakdown, not a technology failure, says fraud expert Avivah Litan of Gartner.
Gary Warner, a computer forensics researcher at the University of Alabama at Birmingham, says malware aimed at POS systems isn't likely to affect ATMs. But others say the threat to ATMs is viable.
Visa has warned U.S. payment card issuers to be on the lookout for global ATM cash-out fraud. What are the signs banking institutions should monitor to help detect, prevent and report these schemes?
What security vulnerabilities are exposed by recent skimming attacks at eight Toronto hospitals? Fraud experts say there are lessons to be learned when placing ATMs outside traditional bank locations.
ATM skimming losses are down at European banks. But the low-tech scheme of cash trapping is on the rise. How should banking institutions respond to this latest fraud trend?
The compromise of bank cards at two banks in New Zealand has garnered attention to the growing ATM fraud trend. What are the banks and law enforcement doing to address the losses?
Following the DBS Bank skimming attack, banking regulators now demand more protections for accountholders. What can be gleaned from the new security controls institutions have deployed?
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.
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