A FOCUS ON: CREDIT CARD FRAUD
James Walsh
In the world of credit cards, the once obscure topic of fraud is now being discussed in board rooms across America. As technology makes credit cards more convenient and credit card issuers more efficient, technology also opens new avenues for fraud. The number and scale of fraud events have garnered many headlines over recent months; here are just six examples of the many fraud-related incidents reported in the news:
An Alabama Credit Union "was forced to cancel 14,000 cards that may have been compromised by overseas hackers."
"Unauthorized access; millions of cards have been compromised."
CUNA Mutual Group CEO called "Plastic card fraud a 'runaway train'."
A bank reported the loss of "a computer tape containing personal data on 90,000 customers."
The tape had names, addresses and social security numbers.
A man seated in a parked car outside a liquor store "used his laptop to steal (via remote wireless) the store's credit card data in 27 minutes."
The Secret Service "arrests seven for stolen credit cards……"
