Of the payment methods targeted by fraudsters, nearly half are credit and debit cards. According to the 449 U.S. financial professionals who responded to the 2014 AFP Payments Fraud and Control Survey from the Association for Financial Professionals (AFP), credit and debit card fraud increased from 29 percent of fraud attacks in 2012 to 43 percent in 2013.
Liability for credit and debit card fraud and security is shifting from card issuers to merchants, the J.P. Morgan-sponsored survey notes. "Criminals will try to stay a step ahead," says Jim Kaitz, AFP's president and CEO. "With potential liability increasing for merchants, companies are taking a hard look at where their own vulnerabilities lie."
In response to recent high-profile card security breaches at Michaels, Target, and other retailers, companies are making plans for additional security measures to protect card data, according to the report. Sixty-three percent of surveyed organizations already have adopted these measures or plan to do so in the future.
A recent policy document from the U.S. Justice Department and the Federal Trade Commission may pave the way for organizations to cooperate on cybersecurity. Specifically, the policy...