The nature of card fraud is changing rapidly, and existing security networks offer only short-term solutions to crime, attendees were told at Faulkner & Gray Inc.'s second annual Card Security Conference here.

Speakers included Secret Service agents and police detectives, bankers and card-industry executives, all of whom said security risks require sophisticated systems that can adapt quickly to future threats. Michael Stenger, Secret Service special agent in charge of the financial crimes division, talked about an international network of "economic terrorism" with gangs from Russia, Asia, and Nigeria hooking up with gangs in Los Angeles. He said these criminals are likely to use money stolen from credit card fraud to fund more dangerous criminal activities, such as drug trafficking and gun running.

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