Online Fraud 'Ahead' of Credit-Card Companies

Published on:
 12 September 2006 at 10:20 a.m. ET

Sept. 12, 2006, 10:20 a.m. insideARM.com The iA Institute
Written by: Unknown Author –

http://www.insidearm.com/news/00003011-online-fraud-ahead-of-credit-card-compani/

By James B. Kelleher, Reuters


The top security experts at the world’s two biggest credit-card associations said on Monday that the battle against Internet-based thieves had reached a stalemate and the industry would have to spend millions of dollars over the next decade just to keep up with the criminals.


Speaking at an conference here, John Shaughnessy, senior vice president for fraud prevention at Visa USA and Suzanne Lynch, vice president for security and risk services at MasterCard International, said that organized crime rings — with the help, in many cases, of former Soviet KGB cryptographers — were successfully using the Internet and “crimeware” software programs to circumvent the defenses credit-card issuers erected against them.


For this complete story, please visit Online Fraud ‘Ahead’ of Credit-Card Companies.


Next Article: Hurricane Victims Piling Up Credit Card Debt

Advertisement

About

News RSS Feed



Copyright Auriemma Roundtables, Inc. All rights reserved.