More NewsMass Data Fraud Attempts on the Increase

Mass Data Fraud Attempts on the Increase

Nearly half – 45% – of financial services workers polled by transactional risk software firm Actimize of believe they have seen mass compromised data used in fraud attacks against their institutions.

· A fifth estimated an increase of at least 10% in call centre traffic after a single mass compromise incident.
· While most respondents expect less than one percent of exposed accounts actually to experience fraud, 15% reissued cards to over 20% of their cardholder population.

ATM/Debit card fraud on the rise
· Seventy percent of respondents saw an increase in fraud claims in 2008 as compared to 2007, of those with increased fraud claims, 58% experienced double digit growth.
· Over 80% expect ATM/debit card fraud attempts to increase in 2009 as compared to 2008, with 35 percent predicting a 10 to 14% growth rate this year.

“Customer and card data are compromised daily and it is our belief that more and more accounts will end up being exposed,” said Amir Orad, EVP and CMO at Actimize. “Based on this research, too many banks lack sophisticated risk management tools when dealing with mass compromises and end up excessively re-issuing cards – this is not a cost effective or long-term solution. These attacks have the potential for extremely high losses to the banking industry, and they will continue. Actimize believes it is vital that financial institutions prepare to counter these threats properly.”

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