The WSJ reports today that according to Gartner, 80% of credit card data breaches are tied to cash registers and other POS terminals. Credit card regulations require that retailers not store credit and debit card information in order to prevent fraud. So thieves utilize skimming devices to intercept card information at the point of sale – the purloined data can be sold to or used to make counterfeit cards. 40 year old magnetic stripe technology is particularly vulnerable to modern fraudsters and aging retail POS systems are not necessarily updated with the latest security features. Read the whole article here.
Graphic courtesy of the Wall Street Journal:
Skimming Devices Target Debit-Card Readers
The Wall Street Journal
By JOSEPH PEREIRA
March 8, 2007; Page B1
During her time at Glenbrook, Erin focused on client engagements in business payments, cross-border transactions, bill payment, and the intersection of corporate finance, banking, and ERP/accounting. She has nearly twenty years of experience leading increasingly complex payment initiatives for corporate clients and advising financial institutions and payment technologists on the development of their payment capabilities.
Erin is also the founder of Forte Financial, a consulting firm focused on corporate finance efficiency, technology, and process improvement. She is a past president of the Financial Women’s Association of San Francisco and also a two-term past president of the San Francisco Treasury Management Association. Erin is no longer with Glenbrook, but contributed greatly during her time at the firm.