Western Independent Banker - January/February 2008 - (Page 30) WIB Service Corporation Report Protect Your Bank and Your Customers Limit Bank Card Fraud Losses with the Bank Card Protector Policy “We may need to solve problems not by removing the cause but by designing the way forward even if the cause remains in place.” — Edward de Bono (British Author & Physician, 1933-) CHECK CARD FRAUD. Counterfeit debit cards. Skimming. Lost or stolen check card. Identity fraud. Internet phishing. Pharming. These terms can twist a community banker’s stomach in knots. Utter two other simple words — “data breach” — and watch the reaction of bankers and their merchants. It isn’t pretty. In our fast moving, technology driven society, consumers not only rely on — but have also grown accustomed to and expect — the convenience of ATM, debit and credit cards for all kinds of financial transactions. But, with technology comes the increased risk of exposure to bank card fraud and compromise and misuse of customer payment data. And the fallout can be significant: banks suffer financial losses from card fraud; when fraudulent transactions result from a compromise and/or misuse of payment data, banks whose customers and accounts were impacted suffer financial losses, loss In our fast moving, technology driven society, consumers not only rely on — but have also grown accustomed to and expect — the convenience of ATM, debit and credit cards for all kinds of financial transactions. But, with technology comes the increased risk of exposure to bank card fraud and compromise and misuse of customer payment data. 30 www.wib.org Western Independent Banker http://www.wib.org
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.