Payment Card Fraud
For the first time, breached processor Global Payments disclosed on Tuesday that a number of card brands have removed the company from their approved list of service providers.
Visa is advising its customers to be wary of phone scams in which fraudsters request their credit card information under the guise that they need it for "security reasons" in light of the major data breach that affected Global Payments, according to a Tuesday alert from Visa.
Over the past few years, adoption of and compliance with PCI standards has made it more challenging for criminals to steal large volumes of credit card data.
Visa and MasterCard are investigating a major breach of credit card numbers at a payment processor, the size of which may exceed anything seen in at least three years.
The EMV standard, widely considered an effective way to curb counterfeit card fraud because it requires a microchip to be embedded in a credit or debit card or on a mobile device, is gradually picking up steam in the U.S.
PCI rules have evolved to keep up with new technologies, and adoption rates are growing, says Visa's Eduardo Perez.
Visa has enhanced the security of its electronic credit card authorization system, known as VisaNet, to improve the speed and accuracy of fraud detection, the card brand announced Thursday. Earlier this year, Visa improved the processing platform of its Advanced Authorization technology so that it can analyze more information and perform more functions faster. "This provides Visa with a comprehensive view into the global payments system, leading to high levels of intelligence around spending patterns and improving the company's ability to detect and prevent fraud in near real-time," Visa said. The company believes the improvements could lead to a 29 percent gain in fraud detection over 2009. - DK
Grocery chain Aldi is warning customers that their payment card information may have been stolen after fraudsters placed altered point-of-sale terminals at a number of Aldi stores in 11 states.
Developments to the PCI standard: Interview with Jeremy King, European head of the PCI Security Standards CouncilSeptember 29, 2010
SC Magazine's Angela Moscaritolo recently traveled to Orlando, Fla. to the PCI Security Standard Council's annual North American Community Meeting to learn about the latest changes to the payment security standard and what merchants can expect in the form of additional guidance to reduce their compliance scope. During her trip, she sat down with Jeremy King, who heads the PCI Council's European operations, to discuss the developments.
Payment card fraud is dropping slowly in Canada as chip and pin technology makes its way into the market, said a report from Canada's Criminal Intelligence Service last month.