digital8
Second Lieutenant
Joined: 29 Sep 2005
Posts: 1002
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 Posted: Sat Oct 08, 2005 1:56 pm Post subject: Online fraudsters 'ahead' of credit card companies |
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The top security experts at the world's two biggest credit card companies say that the battle against Internet-based thieves has reached a stalemate and that the industry will have to spend millions of dollars over the next decade just to keep up with criminals.
Speaking at a conference in Memphis on Monday, John Shaughnessy, senior vice president for fraud prevention at Visa U.S.A. Inc. and Suzanne Lynch, vice president for security and risk services at MasterCard International Inc., said that organized crime rings -- with the help, in many cases, of former Soviet KGB cryptographers -- are successfully using the Internet and "crimeware" software programs to circumvent the defenses credit card issuers have erected against them. |
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