Banks and other financial institutions are the most attacked institutions in the world which accounts for millions in losses according to RSA, one of the IT Industry’s leading security firms. The rise has been foreseen and predicted for many years yet banks are simply not taking it too seriously. Phishing involves the leeching of client information from bank networks for use in scams and fraud. This type of attack sits next to identity fraud and credit card fraud as the most expensive financial loss generators for the banking industry. The phishing attacks target mostly US based firms with the UK ranking second. Many countries are following as targets for phishing by hackers who aim to use the information they obtain for personal gains.
The banking industry is considered to be one of the most secure and IT dependent industries in the world but the diversity and sheer number of attacks is taking its toll on their systems prompting them to take notice. Credit Card fraud alone accounts for billions in losses worldwide that is suffered by financial institutions adding to that the newer types of attacks making it an IT Security Managers worst nightmare. In Europe, Germany is hailed to be the financial hub in the region yet it has managed to repel attacks which isn’t the same with it’s other neighboring countries. More strict legislation might be needed to deter criminals who now opt to use computers rather than a gun which is safer and involves less effort.
The Credit card Fraud problem is being addressed by the implementation of PCI DSS which is to secure and prevent hackers from getting card customer information while it is in transit over the network. The attacks now focus on more public domain which is the internet through social networks which is where most phishing attacks usually occur.
PCI DSS – The Answer to Credit Card Fraud
PCI DSS or short for Payment Card Industry Data Security Standard, is designed as a security protocol that has been agreed upon by industry for applications in Credit card payment systems. Due to ever increasing problems and losses incurred by firms due to credit card fraud they have agreed to implement a data security protocol that encrypts data in transit to the various local card centers. The standard calls for a unified set of rules or parameters to be used in card centers to prevent and maintain security at all levels from the retail store where the data is collected, in-transit as it travels through the internet and as it is processed and stored in the data centers.
IBM has introduced the first PCI-DSS End to End system for implementation on the HughesNet Broadband Network Service. At a time when compliance is at a mere 50% these types of data security become imperative to prevent more losses and other problems associated with fraud and other criminal activities. The standard also applies and recognizes the needs of wireless networks through which a set of analytic and diagnostic processes are required. The PCI Standards Security Council who formulated the said standards are in constant process of reviewing and revising the said set standards as needed due to the ever-changing status of the internet and the business that goes through it.
Around 90% or more of most credit card transactions go through a public network in one stage or another as it makes its way to the central data center which makes it vulnerable to attack. The adoption of cheaper high-speed internet has companies turning to the public net opposed to the previously expensive dedicated T1 lines usually used by businesses. It also allows transaction data to be transferred through one single phone line thus lowering overhead costs making it the better choice for businesses.
Credit Card Fraud Peak Season
True, the holiday’s is the hottest time when credit card fraud runs into the millions of dollars. There are many incidents of fraud out on the market and shopping is a very casual task many take for granted. A leading credit card company from the US reported losses in the millions of dollars that they do not readily publicize for it has an impact on their customers confidence in their systems.
There is no true protective measure for something as small and compact as a credit card which in the wrong hands can cost you a few hundred dollars or even max out your credit limit. Crime syndicates use the said tactic for their illegal activities where they have people who handle these fraudulent transactions. There is still a wide open gap when it comes to credit card which may be covered by newer fool-proof security. The addition of biometrics to the standard card swipe can provide an added level of security along with fingerprinting.
Simple steps can also be taken to prevent these actions towards you such as being careful where and when you use your credit cards. When paying, be sure to have in plain sight the reader or terminal where the card is swiped to be sure they are used only for the intended purchase a card fraud scheme wherein a separate card reader is used to record the information contained within the card has been going on for a long time where the captured information can be used for purchases. Before signing the print-out or receipt, be sure to check all details such as the purchase amount and other such vital information. If you do end up loosing a credit card or your whole wallet, immediately call your card company so the said card can be tagged as stolen so further purchases are not billed to you. If there happens to be any inaccuracies in your card’s statement, call information at once for there may be a problem with your card of worst somebody may have already copied the information from your original card. Vigilance and awareness is the key so be on the lookout for any dubious people around you. Keep safe people and a Merry Christmas to all.