|March 28, 2014|
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Payment card security revamp becoming chip vs. PIN tussle - it's coming down to
cost & it's not going to be an easy transition as the battle continues - see
Canadian article below to see how Chip and Pin drove their numbers down and
we're debating it! Industry efforts to shore up payment card security
after the massive data breach at Target appear to be devolving into a battle
over chip vs. PIN technology between retailers and credit card companies.
MasterCard and Visa want all U.S. retailers to install payment terminals capable
of accepting Europay MasterCard Visa (EMV) smartcards by October 2015 or face
increased breach liability exposure. However, retailers, which have to bear the
bulk of the migration costs to EMV, say it's possible to improve U.S. payment
card security quickly by simply implementing a mandatory PIN requirement for all
credit and debit card transactions. "Protecting all cards with a PIN instead of
a signature is the single most important fraud protection step that could be
taken quickly," the National Retail Federation said in a statement Wednesday
before the Senate Committee on Commerce, Science and Transportation. It's
proven, it's effective, and it's relatively easily implementable," the statement
said pointing to the ubiquity of PIN debit card use worldwide. "Chip is a
desirable add-on. If speed of implementation is of importance, then substituting
PIN for signature is preferable to implementing chip." The NRF noted that one of
the biggest problems with payment card security in the U.S. is that card
companies only require a signature for a credit card transaction. PINs have
proved to be a far better method for authenticating the identity of a user and
are better for reducing fraud than signatures. "PIN transactions have one-sixth
the amount of fraud losses that signature transactions have," the NRF told the
Senate committee. Yet, card companies have refused to make it a requirement
because they can collect more fees with signature-based transactions, the NRF
claimed. EMV chip cards would be a step in the right direction, the trade group
conceded, but only if the cards are used along with a PIN. Visa has noted that
adding a PIN requirement will add substantially to the cost of the EMV migration
and the time needed to get it done. The has said that chip cards, even without a
PIN, are substantially safer than magnetic stripe cards. The NRF and other
retail groups maintain that using a chip card without a PIN detracts from the
fraud-prevention benefits of chip technology. Merchants would spend billions of
dollars to install EMV-compliant card readers but neither merchants nor
consumers would fully benefit from the technology. "We would essentially be
spending billions to combine a 1990s technology (chips) with a 1960s relic
(signature) in the face of 21st century threats," the trade body said. An NRF
spokesman on Wednesday insisted the trade group, which represents tens of
thousands of merchants worldwide, is not saying there's no place for smartcards.
"We are simply saying that PIN is most desirable. The card companies have
insisted that PIN adoption would slow down the transition. If that is the case
then simply go to PIN instead of in addition to chip," he said. Despite this,
retailers have little voice in how credit and debit card data and transactions
need to be protected and are instead at the "mercy of the dominant credit card
companies," the trade group said. (Source
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TJX Canada ORC investigators bust $200,000 gypsy ORC gang in Toronto Last Sunday Toronto police, with TJX investigators leading the investigation executed search warrants at three homes to arrests three suspects for stealing approximately $200,000 worth of electronics and clothing over the last seven months. Upon executing the warrants police recovered an estimated $100,000 worth of retail merchandise. Two men and one woman were arrested. The three had been hitting stores for over seven months and TJX ORC investigators helped police capture and stop this ORC gang. There's more people in the gang and the investigation is continuing. More news, details, and a video will be released exclusively on the Daily next week. Congratulations to the TJX team - job well done. (Source torontopolice.on.ca)
4 member Credit card gang hitting stores in D'Iberville, Ala. - on the loose Police say on March 25, 2013, the victim reported that credit cards had been stolen from Ocean Springs and used at Target, Ulta, and Office Depot in the City of D’Iberville. After further review, it was discovered four suspects used the stolen credit cards at the locations. (Source fox10tv.com)
Duo arrested stealing 3 TVs in Hillsdale, Mich. from Walmart According to court documents the pair is accused of stealing three TVs and socks from the store worth $1,574.78. The duo was also found to be in possession of less than 25 grams of heroin and cocaine, which was found inside the duo’s vehicle. (Source hillsdale.net)
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Loss Prevention News
WG Security Products
Representing WG Security
Products, Ed Wolfe, VP Business Development, and Tim Gates, VP Sales, tell us
how their new Seal Tag product is helping retailers across North America combat
the growing problem of wardrobing. An innovator in EAS products, WG also offers
the Ninja Tag, a security solution designed for ease of use and the advanced
security of boxed merchandise. Ed and Tim reveal why WG’s innovative products
are making a huge impact on the retail industry.
Solution Providers, have a video or commercial you want to publish? Contact us.
Sponsored by The Zellman Group
How do the FBI and Secret Service know your network has been breached before you
do? They go undercover on the dark web The agencies do the one thing
companies don't do. They attack the problem from the other end by looking for
evidence that a crime has been committed. Agents go undercover in criminal
forums where stolen payment cards, customer data and propriety information are
sold. They monitor suspects and sometimes get court permission to break into
password-protected enclaves where cyber-criminals lurk. They have informants,
they do interviews with people already incarcerated for cybercrime, and they see
clues in the massive data dumps of information stolen from companies whose
networks have been breached. (Source
Retailers Are Finding That Data Vulnerability Can Undo Years of Brand Equity First and foremost, companies should take all possible steps to safeguard sensitive data. An ounce of prevention (translation: millions of dollars in technology upgrades and IT hires) can outweigh a pound of cure (many more millions of dollars and months of PR, social and paid-content spinning as a brand’s image threatens to go down the tubes). According to Risk Based Security and the Open Security Foundation, data-loss incidents in 2013 tripled year over year to 2,164, exposing more than 800 million records of one kind or another. More than 70 percent of these incidents involved outside attackers, with 25 percent of losses caused by insiders, usually through accidents or human error. Given this trend and the fact that hackers have grown more brazen and sophisticated, companies of all types and sizes should view breaches “as an inevitability, and take measures before the crisis,” says Renée Richardson Gosline, assistant marketing professor at MIT’s Sloan School of Management. This holds especially true for big retailers, increasingly targeted for their rich stores of customer information gleaned from billions of annual transactions. (Source adweek.com)
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Sponsored by Verint
Is EMV Technology 20 Years Too Late? Experts say it would NOT have prevented the
Target data breach In the aftermath of retail's recent data breaches,
new enthusiasm has embraced EMV, the chip and PIN credit card security toolset,
as a safer way to process plastic. There’s just one problem: Maybe it’s not the
solution - especially when it comes to card-not-present fraud. Better, smarter
transaction validation is said to occur when the chip is present. There’s no
easy way to skim chip and PIN card data, and when a PIN is required, the level
of security at point of sale is significantly higher than with mag stripe cards.
However, there is some confusion about what EMV can do. According to Ralph
Dangelmaier, CEO of payments gateway BlueSnap, EMV would not have stopped the
Target breach. That belief is widely accepted among security experts. Chip and
PIN cards are virtually impossible to copy. But, Target’s breach occurred in the
company’s data center. The nature of the physical cards did not matter at that
point. Lack of adequate security and an obvious lack of effective encryption are
what went wrong at Target. So, running to EMV because of Target is fundamentally
illogical. Yes, EMV cuts card-present fraud, but Karen Webster, CEO of payments
experts Market Platform Dynamics, said a sharp jump in card-not-present fraud
will make up for the security gains. That's what happened in the United Kingdom
and Europe after widespread EMV adoption. (Source
What Makes Big Data Projects Succeed
Technology: Companies with existing data warehouse environments tend to create value faster with big data projects than those without them. People: Form teams of people with quantitative, computational, or business expertise backgrounds. Just as you can hold onto some of your legacy technologies, you also don’t need to bring in entirely new people. A clear business objective: Popular wisdom suggests that big data projects are primarily about sifting through a big pile of data to find promising relationships. That is an essential task, but it will be an unproductive fishing expedition unless a company has a business problem in mind. (Source hbr.org)
Minn. Police Dept. Builds An App, Nabs Big Data To Find And Fight Bad Guys Last year the Rochester Police Department (RPD) decided to build an app to keep its officers' 160 work smartphones connected and in communication when on the job. The RPD mobile app keeps cops in communication, and also uses license plate numbers as a portal into a vast trove of intelligence on vehicles and their histories. This gives officers in the field more information about a car and the people associated with it than the driver themselves may know. During traffic stops, officers punch a license plate number into the app, which “does a very quick analytical deep dive look into anyone who has been associated in any way, shape, or form with this vehicle; (that information) goes through a filter to find pre-identified prolific and serious offenders, anyone with a warrant, and anyone on probation. All of that information is then delivered back to officer on the street within five to 15 seconds.” (Source fastcompany.com)
86% of customers would shun brands following a data breach
Sponsored by Sony
Survela discovers 7 million stolen credit cards on black market with majority
coming from U.S. banks Survela analysts have discovered 7 million
stolen credit cards exposed in the black market. The exposure is the result of a
data breach from Ukranian Hackers at ATMs and Point of Sale systems. A majority
of cards seem to come from United States banks. The exposed data includes valid
Credit Card numbers, bank routing numbers, full names, PINs, social security
number, card expiration dates, floats, dates of birth, states, and zip codes.
Email reveals Louisville Metro Police may have feared escalating attacks ahead of flash mob violence An email from a deputy police chief suggests the Louisville Metro Police Department feared escalating attacks along the waterfront long before chaos erupted Saturday night. LMPD Police Chief Steve Conrad and Louisville Mayor Greg Fischer's office are continuing to call what happened an aberration, but an email and the report that goes with it, revealed some on the police force saw the problems building. (Source wave3.com)
Credit card counterfeiting operation uncovered in Haverhill, Ma.
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5 Habits that Lead to Failure (and What to Do Instead) If you keep
performing these bad habits, you could be ruining your career and the company!
Success is equal parts doing what works and staying away from what doesn't work.
Stay away from these five mental habits, and see how successful you can be!
a mind reader)|
Why Constantly Switching Roles Stresses You Out It's no secret that every worker wears many hats, but this could be the cause of most of your stress! According to this study, the more you have to make switches from one social context to another, the more stress you are likely to have. (Social connections bad?)
The 6 Stages of Career Development
Whether you are in your twenties and filled with a sense of optimism and finding what works for you, or if you're in your mid-thirties, calmed down and have set a path in which to achieve your dream or goal, everyone experiences one of these stages in career development. (Where do you fall in the scheme of things?)
Increase Workplace Flexibility and Boost Performance It can be good to have workplace flexibility; you could find your employees to have increased morale and motivation, but as a leader, you probably have some concerns. It's understandable. Try using these tips to help redesign your work. (More teamwork)
Tip of the Day
Sponsored by Vector Security
Sending and delivering the LP message in stores and at the
corporate office is probably one of the most critical things one can do
everyday. How you communicate and how you deliver your message will determine
how they respond and react. If you expect to improve performance and influence
change in the stores, then you've got to communicate in their words and their
terms. Each company has a message, a mission and core values and your message
should fit all of them and be an extension of them and not an addition to them.
This breeds integration and results in inclusion, all of which are important
elements of a successful executive.
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