News & Views - Savantor

More focus on Fraud control measures

Friday, 27 February 2009

It looks like hackers have moved their focus from merchants to processors judging by the reports in this edition, which seems like a reasonable business plan as that is where the data is. Hackers have breached a second major payment processor although we don’t know which one. According to VISA officials, the breach affected all card brands. Evidence indicates that the account number, PAN and expiration dates were stolen. An increase in card-not-present fraud suggests some BIN number have already been targeted.

VISA officials reported that while the number of accountholders affected is undetermined, it appears to be fewer than those affected by the Heartland Payment Systems breach, and unlike the Heartland breach, where thieves also captured Track 2 data, officials reiterated that no personal information was taken in this most recent event. The status of the processor’s PCI compliance is unknown at this time.

In the last edition we mentioned some of the newer ideas at hand to help combat fraud such as HSBC analysing every credit card transaction in flight, Handelsbanken’s card locking system and Savantor’s F+ service. Clearly as major organisations in the financial world are now being hit with apparent ease the current systems are no longer sufficient to repel attacks particularly those generated from inside. So if the industry wants to push ahead with initiatives such as contactless to persuade us to use cards more frequently then issuers, acquirers, processors, schemes must take rapid action to review their current measures and ensure they are not the next newspaper headline for the wrong reasons. In the current climate there is such a thing as bad publicity – ask Fred Goodwin!

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