When it comes to card fraud, you sense the threat. But do you really know how sophisticated and numerous the fraudsters have become? And how difficult it is for an individual institution working alone to protect itself?
Institutions everywhere report they're experiencing high fraud losses and yet are at a loss to explain why. As a result, they really have no idea how to mitigate them.
Here's the reality everyone is facing today: Debit card fraud is on the rise, and 72% of worldwide debit card fraud takes place with US-issued cards*. The very pace of fraud is increasing. Fraudsters come up with new attack methods day by day. This means more frequent breaches, with faster use of compromised card data.
Card fraud attacks are also going international. Offshore attacks are now 28% of the total and growing. A thriving black market makes it easier than ever for thieves to purchase skimming equipment and stolen card information online. Organized crime groups, particularly in Asia and Eastern Europe, are hard at work while you're closed and sleeping. They've figured out that the combination of more and more debit transactions at smaller financial institutions equals big opportunity.
If your institution is still conducting fraud management on its own, take this Risk Self-Assessment. Answer the 10 questions below, then click the What's My Risk? button for your customized assessment.
*Source: MasterCard, June 2012