Pc Speak: Abney Associates Review, 3 Reasons Card Data Breaches Are Here to Stay
The Target breach is just the beginning, experts told Credit Union Times. Thieves will continue to find ways to access valuable financial and personal data.
Here are three reasons why: 1. Because they can.
By far, the main reason thieves have begun to steal card data from U.S. firms, some experts say, is because they can.
“The U.S. payments industry has become the one household in the neighborhood
system while everyone else has,” explained
Karisse Hendrick, program manager in payments and fraud for the Merchant Risk Council, an international trade group that is organized to help firms fight card
fraud. “When you are perceived to have security that is the easiest to beat, she added, thieves will try to beat your security.”
Breaches have their roots in the three large shifts in the global payments, technology and U.S. economic and political environments. Hendrick pointed out that the payments industry in the U.S. is perceived as among the richest, further heightening its desirability as a target.
“Those two things combine to make U.S. firms the biggest targets for data security
breaches and subseq
uent fraud,” Hendrick said.
Further, the U.S. has not become the leading data theft target overnight in the country, Hendrick noted. International criminal interest in the U.S. has been
growing for years, as Verizon documented in its 2013 Data Breach Investigations Report. As other countries have gradually tightened their security systems and implemented tools such as smart-chip cards with the EMV standard, the U.S. fraud prevention protocols have fallen farther behind, the Verizon report said. It's not that the Payment Card Industry Data Standards have not done a good job, the