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The Credit Card of Tomorrow: Software, Not Plastic

The Credit Card of Tomorrow: Software, Not Plastic | Abney and Associates | Scoop.it
Efforts to increase card security have long been underway, but recent hacking incidents at Target, Neiman Marcus and Michaels have added urgency to strengthening safeguards using smart chips and advanced computer programming.
Katty Morgan's insight:

SINCE the 1970s, paying with plastic has been pretty standard everywhere: Customers swiped their cards, signed receipts and took home their purchases.

 

But after security breaches at Target late last year led to the loss of personal data from as many as 110 million customers, the financial industry is racing to adopt technologies that will alter that decades-old ritual.

 

Driven largely by security concerns, credit card companies and issuers say they are working to make the system as consumers know it obsolete through smart chips and advanced computer programming.

 

To many, it is about time. The roots of the magnetic strip on credit cards extend back to World War II, ample time for thieves to learn to hack and steal those black lines of prized account information.

 

Credit card fraud totaled nearly $5.3 billion in the United States alone in 2012, giving the industry plenty of incentive to devise a better system. The amount lost to fraud continues to grow by 30 to 50 percent a year, according to estimates from the Aite Group, a research company.

 

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Abney and Associates PC Speak over Online fraude kost meer dan 100 miljard dollar

Abney and Associates PC Speak over Online fraude kost meer dan 100 miljard dollar | Abney and Associates | Scoop.it
Internet security specialist tells Dublin web conference the amount stolen online is at least double previous estimates
Katty Morgan's insight:

On line fraude kost de wereldeconomie "vele malen meer" dan de oorspronkelijke schattingen in de verliezen van $12.100 (£62bn) een jaar, een wereldberoemde expert op veiligheid van de cyberruimte heeft gezegd.

 

Eugene Kaspersky zei het bedrag gestolen van banken, financiële instellingen, bedrijven en particulieren kan worden ten minste het dubbele de $12.100 naar schatting drie jaar geleden. Mede-oprichter van Kaspersky Lab, een anti-virus software bedrijf, zei dat de volgende grote cyber schok voor de economie van de wereld zou kunnen worden een online aanvallen op een staat nationale infrastructuur, zoals in de film Die Hard 4, waarin Bruce Willis cybercriminelen die dreigen gevechten te kappen en saboteren de Verenigde Staten vervoerssysteem tot stand brengen, elektrische centrales en aandelenmarkt.

 

Spreken op het Web Top in Dublin, de Russische internet veiligheid ondernemer zei: "drie jaar geleden werd ons verteld dat de jaarlijkse kosten van cybercriminaliteit ongeveer 100 miljard Amerikaanse dollars was. Ik zou zeggen dat vandaag dat cijfer wordt vermenigvuldigd vele malen, het is veel meer dan dat bedrag. "

 

Hij zei dat zijn veiligheid bedrijf werkt met verschillende mondiale financiële bedrijven om hen te beschermen tegen criminele hackers. "Ik denk dat nu de situatie nog slechter is dan het drie jaar geleden was. Over het geheel genomen lijkt het alsof het ruikt zoals, het klinkt als honderd miljard vermenigvuldigd vele malen meer.''

 

Zijn Moskou gebaseerde bedrijf had gestopt met hakkers stelen van honderden miljoenen euro's van een bank. "We erin geslaagd om te stoppen met deze on-line bankoverval die gericht was op ongeveer 100 miljoen euro of als je vier miljard Russische roebel. Dat was slechts één geval van poging tot cyber-overval dat het ons gelukt om te voorkomen dat omdat mijn jongens van op hen letten waren."

 

De Russische cyber veiligheid bewijs zei dat staten "cyber huurlingen,'' ervaren internet criminele hackers die stelen geld van banken, voor online spionage en sabotage projecten werden werven. De slechtste daden van cyber oorlogvoering zou toekomstige aanvallen op "kritieke infrastructuur" – elektrische centrales, ziekenhuizen, fabrieken en vervoer. "Gewoon eens een kijkje op Die Hard 4 omdat ze verhalen in het over deze soorten cyberaanvallen hadden. Deze productie werd gemaakt in 2007 en hoewel de helft van de film is niet waar het is niet volledige Holywood fantasie. De cyber-bit is geen fantasie meer omdat het is realiteit nu. Systemen met moderne elektrische centrales, fabrieken en enzovoort zijn veel ingewikkelder, en helaas ze niet in een 100 procent manier worden gemaakt, zodat ze kwetsbaar zijn,"Kaspersky zei.

 

In antwoord op een wereld waarin particulieren, bedrijven en landen des te meer worden blootgesteld aan cyber aanval, heeft Kaspersky opgeroepen tot lessen zo spoedig basisschool in internetbeveiliging worden ingevoerd. Zijn bedrijf is de uitrol van een onderwijsprogramma met Microsoft over de hele wereld te bereiken kinderen over cyber bescherming. "Van twee jaar oude kinderen leren over het Internet dus voor de rest van de wereld we moeten om kinderen te leren hoe zich te gedragen in de netwerken. Het is alsof we kinderen leren hoe zich te gedragen op de straat, hoe veilig de straat oversteken, niet te vertrouwen van iedereen. Het is zowel etnische als technische en het is zonder winstoogmerk. Het is eigenlijk technische dat later de ethische bit eerste komt."

 

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Pc Speak: Abney Associates Review, 3 Reasons Card Data Breaches Are Here to Stay

Pc Speak: Abney Associates Review, 3 Reasons Card Data Breaches Are Here to Stay | Abney and Associates | Scoop.it
U.S. card data is low-hanging fruit for data thieves.
Katty Morgan's insight:

 

The Target breach is just the beginning, experts told Credit Union Times. Thieves will continue to find ways to access valuable financial and personal data.

 

Here are three reasons why:

 

1. Because they can.

 

By far, the main reason thieves have begun to steal card data from U.S. firms, some experts say, is because they can.

 

“The U.S. payments industry has become the one household in the neighborhood that has not upgraded its security system while everyone else has,” explained Karisse Hendrick, program manager in payments and fraud for the Merchant Risk Council, an international trade group that is organized to help firms fight card fraud. “When you are perceived to have security that is the easiest to beat, she added, thieves will try to beat your security.”

 

Breaches have their roots in the three large shifts in the global payments, technology and U.S. economic and political environments. Hendrick pointed out that the payments industry in the U.S. is perceived as among the richest, further heightening its desirability as a target.

 

“Those two things combine to make U.S. firms the biggest targets for data security breaches and subsequent fraud,” Hendrick said.

 

Further, the U.S. has not become the leading data theft target overnight in the country, Hendrick noted. International criminal interest in the U.S. has been growing for years, as Verizon documented in its 2013 Data Breach Investigations Report.

 

As other countries have gradually tightened their security systems and implemented tools such as smart-chip cards with the EMV standard, the U.S. fraud prevention protocols have fallen farther behind, the Verizon report said. It's not that the Payment Card Industry Data Standards have not done a good job, the technology they were protecting is simply not as secure as other payment's technology, Hendrick explained.

 

2. Thieves have upgraded their programming skills.

 

The second reason data breaches are here to stay is because thieves have gotten better at writing programs to steal the card data, industry watchers have found.

 

For instance, even though the phenomenon of a malware package that infected POS terminals came to widespread attention with the Target breach, the FBI has reported there were at least 20 breaches that used a similar approach. Further, the agency said it appeared thieves had used at least one malware package to test out firm's defenses. When that package they were developing had not performed well enough, the thieves created another one that worked better from their point of view.

 

3. Card issuers and retailers lack unification.

 

The third reason that breaches are likely to continue is the lack of a coordinated or unified approach to the challenge they represent. Previously, the U.S. payments industry was cohesive because card issuers and retailers agreed they better when consumers used a card to pay for goods and services as opposed to cash.

 

Retailers benefited from not having the risk of theft that came with cash and from the quick and guaranteed payments that cards represented over checks. Card issuers also gained from the interchange that card transactions generated by not having to pay for check processing. But the unified front has largely broken down in the face of retailers’ legal and legislative challenges to interchange and the resulting controversy has undermined the payments industry's ability to work together to confront the problem.

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