Card Fraud on the Rise: How Financial Institutions Can Help Prevent It Presented on: Tuesday, April 5, 2-3 ET Co-presented by: Ann Davidson VP of
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1 Card Fraud on the Rise: How Financial Institutions Can Help Prevent It Presented on: Tuesday, April 5, 2-3 ET Co-presented by: Ann Davidson VP of Risk Consulting at Allied Solutions Tammy Behnke Program Director at ProSight Specialty Insurance
2 Breakdown of Today s Session 1. Overview of the card risk. 2. What is happening today with card fraud. 3. Action steps to dig deep into managing card risk. 4. Open up for Q&A.
3 Overview on Card Fraud Upticks Round 0 late 80 s Card-not-present data breaches Lesson learned: Financial institution can charge back the fraud. Round 1 mid 90 s CVC/CVC fraud risk Lesson learned: CVV/CVC not validating. Round 2 mid 2000 Card present breaches Lesson learned: Magnetic stripe compromised. Round Creative card fraud Data Breaches Lesson learned: Dig deep to find the root causation. Round 4 Current Non Chip Enabled Financial institutions Lesson learned: Put the chip on the card. Watch for future attacks on card-not-present fraud! The U.S. is a vulnerable country today for these organized criminals.
4 Overview on Card Fraud Upticks 1998 Debit Card Fraud Lessons Learned: Many financial institutions underestimate debit card fraud Financial institutions of all types are increasingly reporting being hit by the scam artists engaged in debit card fraud Probing for the weak link in the security chain Fast Forward to 2016: Debit card fraud continues to rise Most attacks involve card programs that do not have the chip on the card There is a great need to raise awareness of card fraud Are your cards experiencing magnetic stripe fraud? Are the cards encoded with the chip?
5 Status of Issued EMV Cards More than 212 million Visa cards were issued with EMV chips by Dec. 31, and more than 766,000 merchant locations accept Visa EMV cards. There are now more chip cards in the U.S. than in any other country, Visa says. According to MasterCard, 59% of its U.S.-issued consumer credit cards had EMV chips as of Dec. 31, and more than 800,000 merchant locations can accept EMV MasterCard products. MasterCard did not provide an exact number of EMV cards issued.
6 Update on EMV Cards Why is this important? Chargebacks Rise for Merchant Not Using EMV The Oct. 1, 2015 fraud liability shift to the company that was unable to handle EMV cards, is starting to take its toll. The Kroger grocery chain reports operating costs rose 23 points during the final quarter of 2015, in part from higher chargeback losses. Has your financial institution been able to recovery from magnetic stripe fraud under the chargeback rules because you have the chip on your cards? Gift Card Consequences As the EMV shift continues, fraudsters are paying more attention to gift cards. Many scammers are using counterfeit credit or debit cards to purchase gift cards at non-emv merchants, causing some of those merchants to restrict the way they sell gift cards, according to gift card giant Blackhawk Network. Is the cardholder name listed as gift card on your counterfeit receipts
7 Update on EMV Cards Why is this important? Julie Conroy, research director for retail banking at Aité Group (a Boston-based firm specializing in financial technology), predicted in her report on EMV that fraud would migrate to ATMs and e-commerce fraud, called card-not-present. Allen Friedman, director of payment services at Ingenico (a provider of card payment terminals and services), said that the US delay in moving to EMV has meant that fraudsters can use the mag stripes on European cards for fraudulent transactions at American merchants.
8 2016: Current Card Fraud Exposures
9 What s Happening Today with Card Fraud EMV attempted fraud for the first 3 quarters of 2015* Overall fraud attempts increased 163% Online (digital) fraud attempts spiked 254% Key questions for every financial institution offering a card program: Do you know the % of card fraud you prevented on each card program? Can you slice this card data into card present and card-not-present risk? One financial institutions shared that they prevented over $200,000 in attempts WOW! *Research from Fortner-2016
10 What s Happening Today with Card Fraud Card Fraud is like an Octopus Do you know where your card fraud is taking place? Is it multiple attacks? Online fraud Magnetic stripe fraud-pin Address Verification (AVS) fraud Card or Card Number Magnetic stripe Non-PIN (Signature) fraud Verified by Visa/ MasterCard SecureCode fraud Account takeover fraud Lost/stolen fraud Authentication fraud Recruitment fraud Card Not Received fraud (NRI) CVV2/CVC2 fraud PIN Change fraud Key entered Card Present or Card-Not-Present fraud
11 What s Happening Today with Card Fraud What is your financial institution experiencing? Magnetic stripe fraud non PIN Magnetic stripe fraud PIN Non magnetic stripe fraud card present or card-not-present Verified by Visa/MasterCard SecureCode fraud? Other? Most of the card fraud we are seeing today is magnetic stripe fraud, non PIN or signature based. Card fraud trend: The bad guys are going after magnetic stripe fraud where the chip is not on the card and the merchant has not enabled the chip readers! If your cards have the chip on them even though the merchant is not chip ready and there is magnetic stripe fraud, you can charge back the fraud to the merchant as of 10/01/2015!
12 Lessons Learned: The Right Questions to Ask
13 Dig Deep to Get to the Root Card Fraud Cause Are you doing a deep dive on your card program? Do you understand who and where each layer of card security is taking place? Do you understand where your transactions have been? Do you understand the type of card fraud you maybe incurring? Network with other financial institutions to find out what they are seeing? Are you taking action at the onset of an uptick in card fraud?
14 PIN Fraud at ATMs Are you experiencing PIN fraud at the ATM? Are your PINs being changed by the fraudster? Are you using a multi-layered security approach at your ATMs? Have you validated your security settings for daily $ limits and transaction limits? Do you have in place fraud monitoring rules/strategies for PIN transactions at an ATM? Are you deploying an anti-skimming device on your ATMs to alert you to a foreign device being attached to your ATM? Do you deploy card trapping technology on your ATMs to recognize a card trapping device being added to your ATM? Do you educate your cardholder s to alert you if their card is not returned to them?
15 PIN Fraud at ATMs Are your ATMs chip enabled? Will your ATMs be chip enabled by the card associations shift in the fraud liability dates? Are you aware of the MasterCard fraud liability shift date of 10/01/2016 and Visa s date of 10/01/2017 to have your ATMs chip enabled in order to allow you chargeback rights? You can deploy this chip technology before these dates to help prevent magnetic stripe PIN fraud at the ATMs. Are you looking to deploy biometrics or any other type of card security technology at your ATMs to help manage payment card risk? Stay on top of the technology being offered in the industry to help detect, prevent and mitigate ATM PIN fraud. Are you taking action immediately to dig deep if you are seeing an uptick in card fraud?
16 Card Present Fraud Do you know if you are blocking card present key entered transactions? Are you using name matching if the merchant transmits Track 1 magnetic stripe data with the improper cardholder name? Have you checked your daily dollar limits for: POS-non-PIN (signature) transactions POS-PIN transactions ATM-PIN transactions Card not present transactions Did you know your daily $ limit on a credit card is the line of credit? This is how much the bad guy could withdrawal in a 24-hour timeframe.
17 Card-Not-Present Fraud Have you expanded the enrollment criteria for VBV and MCSC? Do you review the report on VBV/MCSC password changes? Have you educated your cardholders on VBV/MCSC? Do your staff members understand what an ECI 5 and ECI 6 means? Do they understand that for an ECI 6 the financial institution retains the fraud loss? Do they know why you are retaining the card fraud? Are you looking at your fraud packets and the reason why you are retaining the card fraud loss?
18 Card Losses What are you seeing? What should you be watching for? How do you get in at the onset of when you see an uptick? Do you know what type of card loss you are having? Credit card or debit card? Are your loss tools helping prevent the loss or are the losses get through and WHY? Are you looking at your fraud packets and the reason why you are retaining the card fraud loss?
19 Best Practices for Breach Prevention in 2016
20 Breach Prevention Best Practices Require secure card activation methods on all cards Ensure placement of a fraud monitoring system that: Works in real time, year round for all authorizations Denies the first unauthorized transaction attempt Includes rules based and behavior based strategies Review settings, strategies, and reports with your processor Set daily dollar limits for all transactions, and deny authorizations that exceed limits within 24-hour timeframe Support Verified by Visa (VBV) and MasterCard SecureCode (MCSC), and adopt challenging enrollment criteria Confirm CVV/CVC, dcvv, and CVV2/CVC2 codes are working effectively, and response codes are set to decline
21 Breach Prevention Best Practices Confirm name matching is working for all track 1 authorizations and set the response code to decline for mismatches Ensure exact card expiration date is working effectively, and response code is set to decline Confirm Address Verification Service is being utilized by merchants Adopt any and all security layers available for fraud exposure, such as: Chip-and-PIN cards End-to-end encryption Tokenization Biometrics Educate your employees and accountholders about breach prevention Contact risk.alerts@alliedsolutions.net to receive a copy of our Card Fraud Prevention Checklists for Account Holders
22 Breach Prevention Best Practices: Card-Not- Present Fraud Monitor cardholders who have not enrolled in VBV/MCSC, as they may be targeted by fraudsters to phish and enroll Educate your cardholders to only use secure sites when shopping online and to take extra caution when doing so For example, ApplePay uses multiple layers of protectionbiometrics, tokenization and chip technology Work with vendors to utilize encryption, issuer and acquirer tokenization, and biometrics to enhance security tools Consider adopting Visa Checkout and Master Pass along with Visa Digital Enablement Program and MasterCard Digital Enablement Service
23 Breach Response Best Practices Monitor any follow-up on the card data breach Uncover and report the fraud type, as this is a requirement under the card association(s) rules Review fraud monitoring reports to see what may be presenting the fraud Work closely with your vendors to respond swiftly & compliantly Watch closely for subsequent fraud attacks Evaluate card number compromised to help determine if risk is high Review card associations alerts and act immediately on at risk data Analyze at risk open card accounts to determine which cards are/are not still active Block and reissue impacted, open card numbers when magnetic stripe has been compromised Identify and report the common point of compromise (CPP) immediately Accelerate the card expiration dates on the active cards Ask card association(s) to take recovery action related to any expenses
24 Breach Response Best Practices: Card-Not- Present Fraud Request your card authorization provider runs a separate report for the POS/SIC and ECI authorizations so you can determine how the card-not-present fraud was performed: POS/SIC 01 means the key was entered; POS/SIC 81 means it was authorized over the internet ECI 05 means fully authenticated for VBV/MCSC; ECI 06 means merchant attempted VBV but the card issuer did not support or cardholder was not yet enrolled If you are seeing fraud cases where the VBV/MCSC password matched, request that more challenging enrollment criteria is required of the cardholder Run a report to find out if the VBV/MCSC passwords created by your cardholders were changed prior to VBV/MCSC fraud taking place If you have fraud losses you cannot chargeback to the merchant, find out why
25 Follow-Up Response Planning Webinar Data Breaches Continue to Rise: How Financial Institutions Can Prepare & Respond May 4, 2016 from 2-3 (ET) Building a data breach response plan is as critical as building a disaster recovery plan! Hear Ann Davidson, VP of Risk Consulting at Allied Solutions, and Sally King, Managing Partner and Co-Founder of NXG Strategies, speak about how your financial institution can build a proactive data breach response plan that ll help reduce the financial and reputational impact of an attack inside your organization or in your community. This webinar will also touch on: Adopting secure policies and third-party programs Building an effective member response plan Offsetting the costs of responding to an attack Complying with FTC regulations such as the Gramm-Leach-Biley Act
26 Time to Ask Questions or Share What You are Seeing Education and awareness is key to our success! Therefore, if you have any remaining questions please ask them now!
27 27
28 Contact Information To find out more about the products Allied Solutions offers to help prepare for or respond to financial institution risks, contact your Allied sales representative or: Patrick Touhey Senior Vice President of Bond Allied Solutions, LLC To ask additional questions about risk concerns not addressed today, contact either of today s co-presenters: Ann D. Davidson Vice President of Risk Consulting Allied Solutions, LLC Ann.Davidson@alliedsolutions.net Tammy Behnke, CPCU, RPLU Credit Union Program Executive ProSight Specialty Insurance TBehnke@prosightspecialty.com
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