Objectives of the Presentation
Why Should you Attend
- Classify common forms of skimming fraud
- Identify appropriate mitigation strategies
- Review valuable resources
- Analyze the future of skimming fraud
Skimming cases are in the media almost daily. Businesses large and small and banks across the nation are feeling the impacts. No organization is immune.
This webinar will evaluate common skimming methods employed by criminals and evaluate options for businesses and financial institutions to detect and minimize their exposure to fraud and loss. It will also analyze why EMV will have little impact to overall skimming and card fraud losses.
Attendees will be provided a valuable ATM Skimmer Defenses Guide that details physical and technological mitigation strategies, plus a Consumer Protection Guide to provide to your customers. Attendees will also receive an electronic resources list to further their research efforts.
Who can Benefit
- ATM skimmers
- POS skimmers
- POS malware
- Common methods criminals use to target a particular DFI or business
- ATM skimmer mitigation strategies
- POS skimmer mitigation strategies
- Defending against POS malware
- Why EMV will not stop ATM fraud and POS skimming fraud
- Payments professionals interested in better understanding common skimming methods and defenses
- Financial institution staff who handle ATM operations, customer inquiries, deposit operations, and card investigations
- Compliance personnel
- Risk management teams
- Fraud investigators
- Branch staff
- Businesses who operate POS terminals or have ATMs
ATM skimming fraud losses have surged since 2013. Debit card compromises at ATMs located on financial institution properties jumped 174% in 3 months last year, and successful attacks at nonbank properties soared by 317%, according to FICO. It's one of the financial industry's fastest-growing electronic frauds. True losses are unknown. Some sources put global skimming losses as high as $8 billion annually. The PCI Security Standards Council estimates each skimming case creates an average of $50,000 loss per incident.
Skimming card data isn't restricted to ATMs. According to Trend Micro, in the third quarter of 2015, small and medium-sized businesses accounted for 45 percent of known incidents involving POS malware. No business is immune and losses are staggering. The negative reputation for poor security, lawsuits and other losses continue to mount.