The power to fight card fraud sits in the palm of your members’ hands
Fraud is becoming more and more common. In fact, according to a report released recently by the Ponemon Institute, 43 percent of companies have experienced a data breach, a figure that represents a 10 percent year-over-year increase.
While the growing U.S. adoption of EMV security technology will likely reduce card fraud over time, in the near term industry experts are finding that just the opposite is occurring.
“Card fraud is on the rise, and credit unions and their members need to remain vigilant,” said Bill Freer, Risk Manager for CO-OP Financial Services.
Freer notes that many believe card fraud is increasing today because fraudsters are accelerating their efforts to capture magnetic stripe data before EMV technology replaces the mag stripe for good.
“However, even when that day comes, consumers should remain on alert,” he said. “The fact is that the way fraud is carried out is quickly changing today, and consumers need to both understand this paradigm and take the right steps to protect themselves going forward.”continue reading »