ABA Banking Journal - March 2014 - (Page 20)

tech topics DATA PROTECTION Plugging the breach T he millions of potentially compromised credit card a c c o u n t s i n t h e Ta r g e t , Neiman Marcus, and other recently reported payments breaches are certainly scary, but the fact that such breaches occur isn't new. What is new is that all of the partners in the payment chain-banks, card networks, retailers, processors, and newer entrants, such as Google and Paypal-suddenly have cause to talk with each other about potential solutions. Part of this, admittedly, is motivated by congressional interest, with at least one hearing held 20 | ABA BANKING JOURNAL | March 2014 By John Ginovsky, contRiButinG editoR last month on the subject. Arguably, though, the sheer size of the threat has caused all the players to see the need to adopt countermeasures. "It's a shared system, and there are shared risks," says Mike Urban, director, financial crime risk management, at Fiserv. "Technology can help us, but we have to have people paying attention to it, mitigating any gaps that start to come along, and having policies in place around what you do when particular things happen." Even apart from the Target incident, the overall numbers are telling. The Identity Theft Resource Center photos: shutteRstock.com Recent, massive data breaches have banks asking how they can protect themselves and their customers, in both point-of-sale and online payments http://www.SHUTTERSTOCK.COM

Table of Contents for the Digital Edition of ABA Banking Journal - March 2014

Chairman's View
Editor's Column
The Economy
Bank Notes
Picture This
Basel III a bad fit for smaller banks
Tech Topics
Mortgage reboot
5 revenue ideas for the real world
Compliance Clinic
Compliance Inbox
ABA At Your Service
First Person

ABA Banking Journal - March 2014

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