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Cyber Risks · Krebs on Security

Complex Solutions to a Simple Problem

Summary: Krebs on Security reviewed several proposed card-security technologies, including Safe Swipe's phone-to-card geo-location lock, Siren Swipe's system for alerting local police via the 911 center when a reported-stolen card is swiped, and a Dutch research paper on Quantum-Secure Authentication using photon properties. Krebs argued these approaches target lost-and-stolen fraud, which he said is minuscule compared with counterfeit and online fraud, and noted the United States lags Europe by 20 years in chip-card adoption, with merchants facing liability for chip-card fraud from October 2015.

Bottom line: A Federal Reserve Bank of Minneapolis survey cited in the piece found high percentages of financial institutions reporting that fraud prevention costs exceed actual losses for many payment types, especially wire, cash, and ACH - and signature debit was cited by 92% of financial service companies as the payment type with high fraud losses.

Read the original at Krebs on Security ↗

Topics
Data Breaches
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