Posts Tagged ‘security’

Consumers Speed up Card Replacement Cycle

Posted on August 11, 2017 by Laura Lam

Despite the heightened security that comes with EMV chips and tokenization, consumers remain worried about their personal data being exposed in a seemingly nonstop parade of breaches. This leads to many cardholders requesting a new card as a precaution, even if they have no evidence that they were directly affected by a particular breach. “It’s less about their cards being compromised than seeing news about a major breach at a place where they shop,” said Rob Dixon, product director at CPI Card Group.  “The customer wakes up and sees a report about a breach, and wants to have his or…

Banks: Are There Too Many Cybersecurity Alerts?

Posted on June 27, 2017 by Laura Lam

Security alert overload, a source of frustration for bank security departments for some time, appears to have careened out of control.  A survey of bank security chiefs by the research firm Ovum documents how high the daily volume of messages about possible security incidents has grown.  Over a third (37%) of banks, it turns out, receive more than 200,000 security alerts a day. “It’s too much for humans to cope with, even at banks with the largest security teams. Adding more operators isn’t the solution, the problem needs to be solved through automation,” said Rich Baich, chief information security officer…

Will Businesses Catch Up on the Paperless Trend?

Posted on February 01, 2017 by Laura Lam

Corporations and banks face at least two of the same issues: reliance on older technology and a need to trim expenses.  One way for them to relieve some of the pressure involves the thing likely cluttering the desks of corporate treasurers: mountains of paper.  Consumers have made the transition to paperless and more commercial clients are catching on.  “I can’t think of a company that doesn’t talk to us about going paperless and trying to go more digital,” said Bob Kaufman, general manager for virtual payments and products at U.S. Bank. Banks have started to make inroads, such as by…

Banks/Retailers Need Protection Against Everyday Devices

Posted on November 01, 2016 by Laura Lam

Security experts fear the big cyberattack that debilitated Twitter, PayPal, Netflix, and dozens of other companies last week could be a precursor to a larger assault that deeply impacts the American economy, possibly during the holiday shopping season.  They worry that hackers have figured out how to more effectively use malicious software to hijack unsecured, web-connected devices in people’s homes and then turn them into a network that floods a target with data, shutting it down. Unidentified hackers used this type of attack – called distributed denial of service, or DDoS, to overwhelm Dyn, a technology company that handles traffic for…

Survey: Election Outcome is Economy’s Big Threat

Posted on October 04, 2016 by Laura Lam

What the majority of Americans fear most about the upcoming presidential election is the election itself — and that might be the scariest part of all.  A new survey by Bankrate.com found that 61% of Americans believe the election’s outcome is the single biggest threat to the U.S. economy, well ahead of such ominous potential threats as terrorism (12%), global economic turmoil (9%), a stock market decline (8%), or an interest-rate hike (5%). “It’s a new administration, regardless of who wins, and that’s part of the anxiety Americans are feeling,” said Greg McBride, Bankrate’s chief financial analyst. The fact that…

U.S. Top 3 in Global Credit Card Fraud

Posted on July 19, 2016 by Laura Lam

According to a new data from ACI Worldwide and Aite Group, 30% of global consumers have experienced card fraud in the past 5 years.  The global fraud study revealed that, compared to ACI’s 2014 benchmark study, card fraud rates – unauthorized activity on 3 types of payment cards (debit, credit and prepaid) – is on the rise worldwide. Of those surveyed, 14 out of the 17 countries reported an increase in card fraud between 2014 and 2016. Risky behaviors, such as leaving a smartphone unlocked when not in use, have a direct correlation to fraud – and the overall risk for fraud is…

Chip Cards May Bring an End to Some ATMs

Posted on July 06, 2016 by Laura Lam

By October of this year, ATM owners in the U.S. have to replace or upgrade their machines to accept chip cards or face liability for certain types of fraud. But the upgrade and related ongoing maintenance are so expensive that some cash-machine operators plan to shut down some of them. Up to 10% of so-called retail ATMs – those not owned by banks – may be thrown out instead of souped up or replaced because of the move to chip cards, said James Phillips, a vice president at retail ATM maker Triton Systems.  Older machines may stay operational but not…

Most Consumers Will Take Business Elsewhere if Hacked

Posted on June 30, 2016 by Laura Lam

A recent study commissioned by Centrify found that 66% of adults in the U.S. are at least somewhat likely to stop doing business with a company that has suffered a cyberbreach. Less than half of Americans are very satisfied with how corporations handle cyberbreaches. The study surveyed people across the U.S., UK, and Germany and also found that most consumers believe businesses are almost entirely to blame for corporate hacks: 41% of adults in the U.S. hold corporations fully accountable and feel they are not taking enough responsibility when data breaches do occur. To some degree, most adults accept hacking…

Banks Plan to Spend More on Tech in 2016

Posted on October 19, 2015 by Saldutti

Driven by the need to secure computer systems, develop analytic capabilities and enhance customer-facing platforms, most banks are planning substantial increases in spending across a wide spectrum of technology in 2016, according to SourceMedia poll of chief information officers.  Anticipated increases in spending on security are particularly intense, with most executives forecasting jumps in budget allocations of at least 10%. By contrast, banks are finding little to cut in the technology arena, with desktops 1 of just 2 categories where more CIOs forecast decreases than increases in spending next year. Besides security, most bank CIOs plan to spend more next…