In the wake of recent high-profile retail breaches, the PCI Security Standards Council is supporting a move toward chip card technology that conforms to the Europay, MasterCard, Visa Standard, says General Manager Bob Russo.
Analysts say it's easy to believe the Neiman Marcus data breach may be tied to attacks on Heartland Payments Systems Inc. and other entities. But tracking the crimes is one thing; prosecuting is quite another.
When breaches result from retailers' lax security practices, merchants should be obligated to help banking institutions cover fraud losses and other post-breach expenses, says Viveca Ware of the Independent Community Bankers of America.
Several payment system experts testifying at a Senate hearing on Feb. 3 urged the adoption of chip card technology in the wake of breaches at Target Corp. and Neiman Marcus. But representatives of banking and retailing engaged in some finger-pointing.
When did the Neiman Marcus data breach occur? The retailer says it may have begun last July, but banking and fraud experts point to evidence that suggests the breach actually may have occurred a year ago.
Evidence is mounting that the breaches reported by Target and Neiman Marcus are part of a wider assault against U.S. retailers. Meanwhile, payment card-issuing institutions say they're taking proactive steps to keep fraud at bay.
Technology is the biggest challenge to ethics and compliance in organizations today, says Deloitte's Keith Darcy. "We have the capacity to do things before we ever consider the ethical consequences ..."
Investigations and lawsuits are piling up for breached retailers Target Corp. and Neiman Marcus. Meanwhile, card-issuing banks say fraud patterns may reveal additional breaches at other well-known brands.
Big data is a hot item on every banking institution's security agenda, says Gartner analyst Avivah Litan. Here she explains why mid-sized institutions are in the best position to implement new technology.