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Faces of Fraud 2011: Beware Cross-Channel Threats

  
  
  
  

December 27, 2010 — Credit card processing fraud in all its forms will continue to strike banking institutions across all channels in 2011. And until credit card processing banks and credit card processing credit unions increase their investments in analytics and channel integration, they will continue to suffer losses.

Faces of Fraud1. Credit and debit card and credit card processing fraud ranks No. 1 among current forms of fraud, with 81 percent of respondents saying they have been impacted by payment processing card incidents this year. Merchant Services check fraud comes in second, with 63 percent saying it remains a problem.

2. Credit card processing phishing and vishing-related fraud comes in third, getting 48 percent of the respondents’ votes. Interestingly, only 20 percent of respondents say they are prepared to fight and prevent phishing and vishing attacks.

3. Cross-channel merchant services fraud detection is not being widely implemented, with 55 percent saying they continue to rely on manual merchant services fraud detection techniques. Only 26 percent have a plan or team in place for cross-channel merchant services fraud detection; and 63 percent collectively say they either have no cross-channel plan or team, are working on a plan or team, or simply don’t know.

4. And 76 percent of respondents first learn of fraud incidents only when their customers and members notify them.

5. To reduce vulnerability to credit card processing and merchant services fraud, 63 percent say they have improved customer and employee awareness through education, 40 percent say they have invested in new technology and 17 percent say they have increased their budgets and/or staff.

6. In 2011, 34 percent of respondents say they will increase budgetary investments and/or personnel to improve fraud prevention.

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