Sophisticated fraud attacks are more difficult to detect and can lead to greater losses. Although data suggests that financial institutions have successfully thwarted more basic attempts — which are no longer working as effectively — they must ensure that the proper protections are in place to guard against new and evolving fraud methods.
As guardians of sensitive cardmember and account data, financial institutions running credit card programs must monitor cybersecurity trends closely to protect cardmembers.
Perhaps not surprisingly, credit card and cardmember information are a key target for cybercriminals due to their high value, and data confirms credit cards are one of the most reported fraud incidents.