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February 2015

Credit card protection tactics: Technology vs. standards

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In 2014 shoppers spent almost $300 billion dollars online (a number expected to grow in future years). There was a significant number of online fraud attempts, too—and about 78% of those were made through website applications. (In contrast, only 3% were made via mobile applications).

This Technical Guide looks at efforts made thus far to crack down on credit card fraud. It starts with a discussion of card-not-present scams, currently a tool of choice for fraudsters, not only because they can shift tactics rapidly among different types of Internet transactions but also because there is no need to steal a card itself (only its attributes), which means customers are typically unaware of the theft until after fraudulent transactions have occurred. It then considers the new breeds of technology placed into networks today that focus on fraud and may give organizations means to not only detect and monitor but also stop fraud. The good news is that these tools for banks and merchants alike begin to protect before a transaction is ever made.

Finally, Chapter 3 explores whether the Payment Card Industry’s Data Security Standard (PCI DSS) effectively and efficiently protects consumer data.

About The Author

Pete Lindstrom

Pete Lindstrom is Research Director for Spire Security, an ...Read More

Table Of Contents

  • Stopping card-not-present scams: Current and coming solutions
  • Anti-fraud tools to the rescue
  • What the PCI security standards can, and can’t, do

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