Seth Ruden is a Senior Fraud Consultant at ACI Worldwide. He has more than 9 years of experience, with a specialization in card fraud, online banking fraud, sanctions filtering, anti-money laundering monitoring, audit, process review, access management, information security and enterprise risk management.
The European directive is an opportunity for U.S. institutions to update data protection, writes Seth Ruden, senior fraud consultant for ACI Worldwide.
Third party technology development from APIs and real-time digital payments are expanding, creating a new area of security risk.
We may have more in common than we let on, there are some things that I think Canadians are doing better than their counterparts, including the U.S. and that includes fraud management.
So, here we are, living in the future many of us now finally have chip cards; the G20 nations are all in the post liability-shift world; were all expecting to be living in the new paradigm.
The fraud fix, as it is becoming clearer, is to take payment card information (account numbers, card verification values and the like) and devalue this data in an effort to make it less relevant to the hackers who seek to harvest and sell it.