As the number of electronic attacks grows daily, the Total Fraud Protection® team is pleased to announce the release of the newest version of Detect Monitoring Service (DMS), our proactive anti-fraud monitoring solution. DMS has a completely redesigned dashboard, with a number of interactive charts and graphs that enable users to more efficiently analyze and break down all information related to security incidents, with tickets and alerts rendered graphically in real time.
In light of the Target and Neiman Marcus breaches, many are pointing to EMV “chip and pin” technology as the silver bullet that could have saved Target and its customers a lot of heartache. However, while EMV is a good step forward for card security, it’s inaccurate to say that EMV would have stopped the Target breach.
The Truth about EMV
EMV would not have prevented the Target breach from happening.
EMV began as a joint effort conceived by Europay, MasterCard and Visa to replace the mechanism to provide customer identifiable information (Account number, CVV, etc.) to the terminal initiating a transaction. Instead of a magnetic strip for this purpose, EMV cards use a smart chip and require the entry of a PIN number that only the customer should know (hence the term “chip and PIN”). Once the information has been passed into the terminal, the transactional process remains the same - the account information is loaded into the terminal’s memory, a transaction frame is built to request authorization, and so on.
On Jan 4th, we saw a dump of 2 Million cards onto the black market - one of the largest single day drops we've seen in a while. While we can't definitively say what the source of the breach was, the percentage of Extremely High Value cards is significantly higher than we see on average. These are cards like the Amex Centurion card - an invite-only card that comes with a $7500 setup fee, and $2500 annual fee. While it is hard to determine from a single black market, this would indicate these could come from a high end source, such as Neiman Marcus.
Easy Solutions offers black-market monitoring as part of our Detect Monitoring Service (DMS) to provide our customers with early warning of massive credit/debit card breaches like the one announced by Target this morning. Over 40 million cards compromised, probably the result of a systematic attack on Target’s payment infrastructure.
Ever since banks began issuing credit and debit cards, criminals have been intent on stealing this valuable data. Despite the concerted effort on behalf of the financial services industry to stem the tide of card theft, the fraudulent use of payment cards continues to cost the industry billions of dollars every year in losses. But a host of new behavior detection technologies -- coupled with Big Data analysis – are helping to turn the tide in favor of financial institutions intent on protecting their customers’ personal payment information. Read more
Good news for customers of Easy Solutions’ Detect Monitoring Service (DMS). Our team has been hard at work making a number of performance improvements as well as several new front-end enhancements to this important service. With this new upgrade, customers will be even better equipped to manage the entire lifecycle of phishing attacks via real-time monitoring and connections analysis. Read more
Security acquisitions are on a roll, and this week IBM rocked the security community with its plans to acquire Trusteer for almost $1 billion dollars. What does this huge premium tell us? The online fraud problem is worse than ever, and fraud prevention is becoming a challenge for any company that does business online. Read more
Easy Solutions, the Total Fraud Protection® company, today announced that it has closed an $11 million Series B financing round from Medina Capital, a high-growth equity investment firm focused on the IT infrastructure sector. The funds will be leveraged to expand sales and marketing in the U.S. and worldwide in order to meet increasing demand for the company’s total fraud protection platform.
As social media becomes an increasingly mainstream method of trusted communication, how can companies such as Twitter strike a balance between ease of use, and the need for greater security? How will users react when asked to adopt additional security related processes?
Discover why Easy Solutions is Named a "Visionary"
The Magic Quadrant for Web Fraud Detection report offers detailed analysis of 15 security vendors who provide software products or services that help organizations detect and prevent fraud that occurs over the Web and via mobile channels.
According to Gartner, "Visionaries have innovative research and development, a good understanding of their markets and solid strategies that poise them for healthy growth"