20 LOSSPREVENTION&SECURITY
ALL HAIL EMV, LONG LIVE PCI DSS
EMV helps reduce UK fraud, but PCI DSS will take it down further – if we focus on security, according to Jeremy King, European regional director of the PCI Security Standards Council
Standards (PCI DSS) have been successful in decreasing the volume of card and bank account fraud. “Of particular interest to us at the PCI Security Standards Council was the fi nding that payment card fraud losses in 2010 reached their lowest levels since 2000, and have made signifi cant improvement from their all-time high just three years ago in 2008,” Kind said. “Overall, they suggested that total fraud losses on UK cards fell by 17% alone over the preceding year. “In particular, as EMV technology continues to mature, it has helped retailers and other organisations to include security in their business by providing a technology that helps fi ght card fraud signifi cantly.” “The unfortunate news is that we still saw £365.4 million in card fraud in 2010,” he added. “‘But we have EMV!’ a number of organisations have exclaimed, when pressed about their card security efforts. “Counterfeit card levels have indeed decreased an astounding 41% over the last year to due to the fact that chip and PIN has made it much harder for criminals to use fake cards in cash machines and shops in the UK.” However, King said there are two points to make when we speak of the effectiveness of EMV alone in preventing card fraud:
R
ecent fi gures from the UK Cards Association showed that banking industry initiatives, including the Payment Card Industry Data Security
1. EMV by itself does not protect the confi dentiality of, or inappropriate access to sensitive authentication data and/or cardholder data.
2. Fraudsters are now targeting those environments that do not yet use chip and PIN, such as the internet or other ‘card not present’ settings.
“Most environments processing EMV transactions today are hybrid environments, handling both EMV and non- EMV transactions,” he explained. “In addition, In EMV environments, the Primary Account Number (PAN), expiry date and other cardholder data is transmitted in clear text, exposing it for fraudulent use both in face-to- face and card-not-present channels. “So knowing that EMV is effective in some circumstances, please remember it doesn’t secure all payment transactions and doesn’t prevent all card fraud. “Let’s take a look at compromised data in Europe. At our 2010 European Community Meeting in Barcelona, Trustwave presented statistics outlining some of the challenges we have had securing card data around the world, including a number of interesting items from their investigation of breached entities from European countries. “Fifty-fi ve percent of the data breaches they
investigated originated by Remote Access Application and another 27% by SQL Injection. These incidents are the result of someone from the outside getting into your computer and stealing card data. Unfortunately, these malicious attacks are not preventable by the EMV standard. “The good news is that there are ways PCI DSS addresses and prevents these methods of entry. But in order to protect against these types of attacks, you need to be adhering to the standard, and that is where many of these organisations have failed, resulting in a breach. “While I’m absolutely thrilled at the reduction in card
fraud, I think we can do more,” King urged. “Merchants, processors and others involved in the payment chain can bring these numbers down even further if they don’t just turn to a single technology in hope of protecting themselves, but take direct action to place security soundly into their day-to-day business efforts. This is exactly what the PCI DSS prescribes.” King concluded: “We’ve done well, and we’ve had great results tackling fraud this last year. Let’s keep it up and see the same positive headlines in 2012.” To learn more about how PCI can help you further
reduce fraud in your organisation and recent guidance on how EMV works synchronously with PCI DSS, please visit the PCI Security Standards Council website at
www.pcisecuritystandards.org.
RETAIL TECHNOLOGY MARCH/APRIL 2011
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