From the category archives:
I had the opportunity to speak with Mike Urban, FICO Senior Director of Fraud Solutions, about how criminals are enhancing their margins in ATM and debit card fraud.
The trend towards ATM compromises is largely a result of increased point of sale security. Criminals move to the weaker link, or the easiest approach, and ATMs are [...]
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The second Keynote speaker for the ATM, Debit & Prepaid Forum 2009 was Robert O. Carr, Chairman and CEO, Heartland Payment Systems. Proud of their reputation for full disclosure with merchants, they had to put it to the test with their Jan 20, 2009 announcement of their data breach.
PCI compliance is intended to target data [...]
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Ashok Misra has an interesting, and certainly provocative, article in the current Secure Payments Magazine. If you don’t know Ashok, he is Sr. Manager Payments & Security at RealNetworks, Inc in Seattle, chairman of the European CNP Payment Forum, and a long-time friend of Glenbrook Partners. In the article, he comments that the current credit [...]
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The economist has a nice graphic summarizing data from Symantec that shows that the most popular "products" on offer from cybercriminals in the underground economy are – not surprisingly – bank account details (for accounts that have on average a balance of nearly $40K) and credit cards with security codes. The bank account details will [...]
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A new study from Deloitte reveals that there is a high correlation between bankruptcy and fraud. With economic conditions likely to drive more companies to consider filing for bankruptcy protection, one potential concern is whether the greater scrutiny that generally results, could lead to claims of fraud against the company and its executives.
“In the [...]
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Chris Skinner contemplates payments risk and fraud prevention in anticipation of his Oxford Society style debate at the Financial Services Club (London). In preparation, he's posted the text of a speech on risk management. After the debate he'll post more (His post-debate write up is here). For now, here's an excerpt:
I would claim that, today, [...]
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At the Bank Lawyer's Blog there is a thoughtful discussion of remote deposit capture fraud risk and whether banks (particularly community banks) are playing it too safe. Well worth reading.
(via PaymentsN ews)
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Glenbrook's Linda Elliot was at the Chicago Federal Reserve Banks’ 2008 Payments Conference where this year’s topic was Payments Fraud: Perception versus Reality. Her observations are here; she makes the important distinction between fraud prevention and data security.
There was ample discussion of PCI data security programs, their costs and benefits, and the status of PCI [...]
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This recent segment on Charlie Rose with Jonathan Zittrain is fascinating. Zittrain is a professor of internet law at Harvard and Oxford and the author of a book The Future of the Internet and How to Stop It and discusses the tension between internet security risks (enabled by open, non-proprietary systems) and the potential for [...]
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Forgive me this somewhat off-topic post, but it made me laugh out loud.
Excerpted from Dave Birch at Digital Money Forum:
[Dave Birch] It's amazing to me — no, not amazing, more kind of quaint, reassuring and comforting — that in this high-technology e-money world, there are crooks who still try to rob banks the old [...]
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Cash processing is not only time consuming but fraught with security challenges (and associated high costs of dual custody, surveillance, etc.). The astounding success of remote deposit capture of checks has prompted interest in remote CASH deposit services.
Bankers are attracted to the ability to serve customers in areas where
they do not have branches (much the [...]
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My favorite feature of the Harvard Business Review is the case study: fictional scenarios that represent common managerial challenges followed by concrete solutions from experts. This month the situation is directly relevant to payments and transaction security. It involves a regional chain of electronic stores that discovers its customer transaction data may have been compromised.
Excerpt:
“What [...]
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Did you catch the front page article in Friday's WSJ on the TJX wireless security debacle that led to the largest heist of consumer credit card data ever?
The $17.4-billion retailer's wireless network had less security than many people have on their home networks, and for 18 months the company — which also owns [...]
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This letter to the Wichita Eagle, in Kansas (a follow up to their article on BOC here)
demonstrates how at least one consumer views POP as more secure than
BOC. The consumer's rationale is that if the paper check is returned to
them the merchant isn't responsible for safeguarding their personal
data:
Letter to the Editor, Wichita Eagle:
Scary bank [...]
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For those of you that still rely on spreadsheets – and there are more of you than care to admit it, I know – CFO Magazine has a round up of spreadsheet auditing tools here.
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Glenbrook Payments Boot Camp
Mar 10-11, 2010, Santa Clara, CA
May 19-20, 2010, Santa Clara, CA
Headlines from Payments News
