Year of the data breach in rewind
by: Karen Postma
My colleague Nicole Reyes, TMG senior fraud prevention analyst, recently hosted a webinar taking a look back at 2014 as the “Year of the Data Breach.” Below are a few key take-aways for financial institution (FI) leaders.
In 2014, the Black POS malware responsible for the Target data breach grew in sophistication, allowing more fraudsters to break into the systems of several high-profile retailers. Millions of card accounts continue to be impacted, leading to “Data Breach Fatigue” among payment card-issuing FIs.
To effectively fight fraud, it’s important to understand current fraud trends. TMG and its partners have identified the following:
- Top five U.S. states suffering fraud losses: California, New York, Florida, Texas, Washington
- Swiped or “card-present” transactions account for more than half of fraud. (This may soon change, however, as EMV chip cards make physical card fraud via counterfeiting more difficult for fraudsters.)
