"The need for fraud-prevention tools increases during times of recession," says Aite Group's Julie McNelley, who does not believe this week's economic shockwaves will hurt organizations' security priorities.
Looking at the international stock market crash and the impact it's likely to have on future investments in fraud detection and prevention, how much can banks and credit unions reasonably afford, when economic stability is shaky and the financial future uncertain?
United Nations Federal Credit Union says member satisfaction and acceptance of the chip card have been contagious, since the bank launched the chip option last summer. The chip-card portfolio has proven to be the credit union's most successful.
No two fraud incidents may be exactly alike, but a fraud investigator's approach can still be very consistent and precise, says Jean-Francois Legault, a fraud investigations specialist with Deloitte and Touche.
"The timing and the targets point to China," says cybersecurity policy expert James Lewis. "Spying right before the Beijing Olympics and focusing on Southeast Asia reflects China's larger interests more than those of any other country."
Debit fraud in the U.S. continues to grow as transaction volume increases. As international markets move away from mag-stripe and toward chip & PIN technology, fraud experts say U.S. card issuers can expect to see fraud continue to escalate.
A California judge handed down a 12-year prison sentence to a phisher who stole financial details from more than 38,000 online accountholders. Observers say the sentence signals a changing attitude about the severity of cybercrimes.
"It's time to stop shifting the security burden onto retailers and restaurants like Margarita's," says Gartner analyst Avivah Litan on the latest payment card breach. "In fact, it was time for that over five years ago."
Because information security threats know no borders, the European Network and Information Security Agency is working hard to ensure the solutions span nations, too, says Prof. Udo Helmbrecht, ENISA's executive director.