• United States



by Paul Kerstein

Online Fraudsters Ahead of Credit Card Companies

Sep 22, 20051 min
CSO and CISOData and Information Security

Security experts at Visa U.S.A. and Mastercard say that the battleagainst Internet-based thieves has reached a stalemate and the creditcard industry will have to spend millions of dollars over the nextdecade just to keep up with them. A Reuters article on Computerworldreports that John Shaughnessy, senior vice president for fraudprevention at Visa U.S.A. Inc. and Suzanne Lynch, vice president forsecurity and risk services at MasterCard International Inc. said thatorganized crime rings, often with the help of former Soviet KGBcryptographers, are successfully using the Internet and “crimeware”software programs to circumvent the defenses credit card issuers haveerected against them. The picture they presented of an escalatingstruggle between commerce and criminality offered little hope of quickrelief for consumers worried about identity theft or for investors incard-issuing banks concerned about security’s escalating costs. Read more.