In this week's recap, Brian Krebs breaks news that credit unions are seeing record levels of fraud from the Wendy's compromise, RSA President gives security industry a wake-up call, Verizon's annual Data Breach Investigations Report gets a makeover, real-time payments in the U.S. get a closer look, and Marketing Director Kaleigh Simmons takes a look at e-commerce fraud trends and hot locations.Credit Unions Feeling the Pinch in Wendy's Breach
According to Brian Krebs, many credit unions are seeing fraud losses from Wendy’s that significantly trump those that came in the wake of the Target and Home Depot breaches. One credit union CEO expected losses from the Wendy’s incident to be five to ten times larger than the aforementioned incidents.
In his keynote address at this year’s RSA Conference, Yoran called for a faster switch from prevention-focused technologies to more detection and response-focused efforts. Only about 10% of IT security budgets today are focused on detection technologies, but Gartner predicts that number to jump to 60% by 2020.
EMV penetration at POS terminals is still quite low at around 37%, and many merchants have spoken out against the high cost and labor involved in getting it implemented. But Merchant Link knows something many of us don’t - and it’s that their clients are putting a hyper focus on implementing EMV as soon as possible. Why? Chargebacks.
At the latest Payments Innovation Alliance meeting, a panel discussed the underrated B2B aspect of moving to instant payments, stating that small businesses in particular, will likely be the drivers of forcing this adoption in the U.S. “[Small businesses are] managing day to day, hEour by hour. Cash flow is king to them. So it’s going to be a huge enabler for small businesses.”Rippleshot Content: E-Commerce Fraud is Multiplying - Here are the Top Locations and Trends
Only two months into 2016, and the Identity Theft Resource Center is reporting nearly 1.7 million records have been exposed in data breaches thus far. And as we noted in last week’s newsletter, an increasing concern in the security space is the inevitable increase in card-not-present fraud, as e-commerce numbers continue to skyrocket and EMV adoption pushes fraudsters online. With e-commerce fraud at the top of everyone’s minds, Experian released a new report outlining the riskiest locations in the United States - both where the fraudsters are located, and where their victims are.
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