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Online fraud is a $4 billion dollar a year industry. It grows as the unemployment rate increases and the jobless attempt to earn a living through whatever means necessary. Meanwhile, the Internet's footprint on the global economy and culture becomes larger every day. The expansion of fraud and the identification of this risk will create more jobs in the fields of compliance, risk management, and best practices. Who will fill these positions? For many companies looking to take action, the initial move will be to consolidate roles. Individuals in areas such as sales and marketing will absorb fraud identification, reporting, and prevention responsibilities. This will prove to be ineffective for the following reasons: 1. The sales and marketing staffs are not trained to identify fraud and they cannot keep up with the ever-changing tactics. 2. Associates are conflicted when faced with a fraud incident. They are not motivated to report fraud and their compensation structure dissuades them from reporting incidents. 3. Business goals are not aligned appropriately, which naturally moved fraud last on the priority list for the associates assigned the additional responsibilities. 4. While the internal attempt is made, no time is spent on partner due diligence and monitoring. Organizations will benefit in the long term by hiring dedicated staff. This tactic is one component of my company's Best Practice approach to doing business. My dedicated team helped realign business goals and create a culture that now embraces a higher set of standards and expectations. Staffing and training were the largest challenges I have faced in the last year. The positions were new, the skill set was specific, and as a result we received a dichotomous set of resumes. Applicants with online marketing experience had little to no experience with fraud, or they came from companies where more unscrupulous methods were used, and I was not confident those habits would be easily kicked. The app

The Payment Card Industry Data Security Standard (PCI DSS) is ineffective and major payment processing infrastructure improvements are needed to secure credit and debit card transactions, lawmakers said Tuesday. The House Subcommittee on Emerging Threats, Cybersecurity, Science, and Technology, part of the House Committee on Homeland Security, held a hearing in Washington, D.C., on Tuesday to examine the effectiveness of PCI DSS. "The bottom line is that if we care about keeping money out of the hands of terrorists and organized criminals, we have to do more, and we have to do it now," said U.S. Rep. Yvette Clarke (D-N.Y.), who chairs the subcommittee. "The payment card industry and issuing banks need to commit to investing in infrastructure upgrades here in the United States." Clarke called on the industry to implement encryption on its credit and debit card processing networks and said the deployment of chip and PIN technology could significantly reduce the amount of stolen payment data. Chip and PIN technology is used in Asia and Europe. The technology replaces the magnetic strip on the back of a card and adds a four-digit personal identification number (PIN) to confirm a payment.

It was only a matter of time! Auditor accuracy being examined in lawsuit may signal change in PCI and other compliance processes.

When CardSystems Solutions was hacked in 2004 in one of the largest credit card data breaches at the time, it reached for its security auditor's report. In theory, CardSystems should have been safe. The industry's primary security standard, known then as CISP, was touted as a sure way to protect data. And CardSystems' auditor, Savvis Inc, had just given them a clean bill of health three months before. Yet, despite those assurances, 263,000 card numbers were stolen from CardSystems, and nearly 40 million were compromised. More than four years later, Savvis is being pulled into court in a novel suit that legal experts say could force increased scrutiny on largely self-regulated credit card security practices. They say the case represents an evolution in data breach litigation and raises increasingly important questions about not only the liability of companies that handle card data but also the liability of third parties that audit and certify the trustworthiness of those companies. "We're at a critical juncture where we need to decide . . . whether [network security] auditing is voluntary or will have the force of law behind it," says Andrea Matwyshyn, a law and business ethics professor at the University of Pennsylvania's Wharton School who specializes in information security issues. "For companies to be able to rely on audits . . . there needs to be mechanisms developed to hold auditors accountable for the accuracy of their audits." The case, which appears to be among the first of its kind against a security auditing firm, highlights flaws in the standards that were established by the financial industry to protect consumer bank data. It also exposes the ineffectiveness of an auditing system that was supposed to guarantee that card processors and other businesses complied with the standards. Credit card companies have touted the standards and the auditing process as evidence that financial transactions conducted under their purview are secur

April 13, 2009 (Computerworld) The PCI standard, long touted as one of the private sector's strongest attempts to regulate itself on IT security, is increasingly being slammed by critics who claim that the rules aren't doing enough to protect credit and debit card data. And amid all the complaints, Visa Inc. - the standard's biggest proponent - is working one-on-one with banks and retailers to test new security measures that go beyond the controls currently mandated by PCI. What it all adds up to is a new sense of uncertainty about the future of the specification, which is formally known as the Payment Card Industry Data Security Standard, or PCI DSS. Created by Visa and other credit card companies, the PCI rules will have been in effect for four years as of June 30. But with breaches of card data continuing and questions about the standard's effectiveness on the rise, PCI DSS is showing signs of coming apart at the seams.

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