8 Big Payment Fraud Trends of 2012
December 26, 2012 2:42 PM
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(Image: ThinkStock)
Cyber War
The Izz ad-Din al-Qassam Cyber Fighters claim to have targeted multiple bank websites this year with denial-of-service attacks, which attempt to knock websites offline by flooding them with traffic. (Image: ThinkStock)
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Layered Security
Just a few years ago, banks were urged to add a second layer of security to protect online accounts. As fraud escalated, experts began to recommend much more banks should now use five layers of security , including software that searches for odd browsing behavior. (Image: ThinkStock)
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Data Breach
Global Payments found itself the target of a breach that exposed up to 1.5 million payment card accounts, by its own estimate. As it investigated the incident , it found that the personal details of some merchants were also exposed. (Image: ThinkStock)
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Targeting Social Ties
LinkedIn faced a breach of up to 6.5 million passwords. A social network is a particularly juicy target for fraudsters , who can then access personal details to facilitate social engineering attacks against banks and other payment companies. (Image: Bloomberg News)
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PCI Pushes Ahead
The Payment Card Industry Security Standards Council studied the implications of new technologies. It also released new guidelines for how security vendors handle data encryption. (Image: ThinkStock)
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Book 'Em
Not all data breaches are the work of remote hackers. At Barnes & Noble, attackers compromised the physical PIN pads in stores by replacing them with tampered versions. (Image: Bloomberg News)
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Weakest Link
Small merchants remain a weak link in the payment system. Many still store unencrypted payment data . (Image: ThinkStock)
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Prediction
To protect payment data, more merchants will use secure cloud storage rather than rely on their own technology. This will be a "vastly superior" approach to security, says Aite Group analyst Julie Conroy. (Image: ThinkStock)
