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

Table of Contents for the Digital Edition of Western Independent Banker - January/February 2008

Western Independent Banker - January/February 2008
Contents
A Message from the President
Compliance Administration
Four Realities of Data Security Policy, Enforcement
Managing Internet Banking Risks
Understanding Data Breach Notification Laws
The Effect of Business Continuity Management on Compliance Programs
Bridging the GAAP
Top 10 Compliance Fitness Steps for De Novo Banks
Common OFAC Errors and How to Avoid Them
The Intersection of Equal Credit Opportunity and Sub-Prime Loans
Location-Based Tax Credits for Banks
Protect Your Bank and Your Customers
WIB Calendar
Welcome New Members
Index to Advertisers
Advertisers

Western Independent Banker - January/February 2008

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