It almost seems like a day doesn’t go by without someone reporting the discovery of hundreds of millions of pieces of user-specific information related to credit and debit cards, e-mail addresses, or log-in credentials being sold on underground markets. If these numbers are true, the banks are paying the price for these leaks in a big way.
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