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.
Authorities have shuttered a digital currency service allegedly used to launder funds stolen in a $45 million ATM cash-out scheme exposed earlier this month. Learn why experts say lax laws paved the way for the fraud.
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?
Jenny Durkan, the U.S. Attorney for the Western District of Washington, is taking a lead role in combatting cyberfraud. Under her leadership, federal prosecutors have upped their efforts to combat ever-increasing threats posed by digital crimes, including card fraud.
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.
What do the latest international fraud arrests prove? "Organized crime isn't running, but they are definitely looking over their shoulders," says Robert Siciliano, a financial security expert.
The FBI says Bulgarian fraudster Dimitar Dimitrov led ATM skimming rings that ranged from New York to Las Vegas, and now a federal judge has sentenced him to prison. Is the sentence appropriate?
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.
A card compromise at a California-based grocery chain has raised questions about the efficacy of PCI-DSS. Experts say even if merchants are compliant, fraudsters can easily get around the security measures.
ATM skimming busts are wins for law enforcement. But how well would banking institutions detect the fraud if their customers weren't doing such good jobs of reporting these incidents?
The only way to improve card security is for banks and merchants to align their strategies, says Gray Taylor of NACS. "This is something that hurts both of our industries. Fraud hurts us all."
Links between card-skimming attacks and ID theft are getting notice from U.S. federal prosecutors. But are the sentences being passed down from the courts strong enough to deter fraudsters?
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