Online fraud 'ahead' of credit-card companies-experts
James B. Kelleher writes for Reuters:
The top security experts at the world's two biggest credit-card associations said on Monday that the battle against Internet-based thieves had reached a stalemate and the industry would have to spend millions of dollars over the next decade just to keep up with the criminals.
Speaking at an conference here, John Shaughnessy, senior vice president for fraud prevention at Visa USA and Suzanne Lynch, vice president for security and risk services at MasterCard International, said that organized crime rings -- with the help, in many cases, of former Soviet KGB cryptographers -- were successfully using the Internet and "crimeware" software programs to circumvent the defenses credit-card issuers erected against them.
The picture they presented of an escalating struggle between commerce and criminality offered little hope of quick relief for consumers worried about identity theft or for investors in card-issuing banks concerned about security's escalating costs.
The credit-card companies were battling loosely knit, elusive criminal networks responsible for much of the fraud, they said.
posted by Fergie @ 9/19/2005 05:27:00 PM
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