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Identity Theft Labs

EMV is Not Our Credit Card Savior

It is true that there is more security protection if we shift from magnetic strip payment cards to chip-and-pin/EMV cards, but it is not fail-safe. As it often happens, when one problem is solved, others arise.

While major retailers are ready for the chip movement, smaller businesses aren’t prepared for it. Complete transference into this system will take time. Also, while EMV cards prevent on-premises fraud, it could just lead to a growth in other forms of credit card fraud. Studies recorded after EMV was implemented in Europe have shown a dramatic increase in card-not-present or online payment transaction fraud. The point isn’t that we shouldn’t implement EMV in the United States, but we should have realistic expectations and be ready for the other problems ahead.

For a full article on this story, click here:: Study: Chip-&-Pin Won’t Cure Retail Breaches
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Together We Stand: The R-CISC

Over 100 retail organizations have joined together to protect each other and share information regarding cybercrime. The Retail Cyber Intelligence Sharing Center (R-CISC) has been offering portal-based threat intelligence for retailers such as Target, Walgreens, Nike, and others for the past four months. R-CISC also shares threat information with the U.S. Department of Homeland Security, the F.B.I., and Secret Service.

This united front is a good sign and will help curb cyberattacks. By sharing information when a potential threat or breach occurs in one company, all the other members can be warned and lock themselves down. While the R-CISC can’t outright stop cyberattacks, it can help identify and stopgap vulnerabilities. Collaborating and uniting against cybercrime can make it more difficult for individuals to prey on our information. For a full article on this organization, click here:: Retailers Now Actively Sharing Cyberthreat Intelligence
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Chip Cards Not Safe From Fraud

Think that your chip is safer from unauthorized charges? Think again. For the past two weeks, three financial institutions have reported thousand of dollars of credit card fraud coming Brazil. The odd thing was that many of these charges came disguised as chip transactions. Read a full article about this story here:: ‘Replay’ Attacks Spoof Chip Card Charges
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