Credit-card losses stemming from first-party fraud -- essentially various forms of identity fraud -- will cost financial institutions worldwide US$18.5 billion this year, anticipates Aite Group in a new report released this month. The consultancy says in 2016 the number will reach US$28.6 billion.
As payments fraud continues to skyrocket, industry leaders are forever devising new ways to combat it. At CARTES 2012 in Paris, several sessions will highlight the latest tools and techniques to protect consumers, financial institutions, merchants, government entities, and other organizations.
The latest thinking in the world of authentication is that biometrics may replace weak, cumbersome passwords as the security tool of choice, as detailed in this Sept. 26 American Banker article. Technology embedded in mobile phones, tablets and laptops are giving rise to all sorts of new fruad-fighting possibilities.
At CARTES 2012, a half day of biometrics is on the agenda. The track, dubbed “Biometrics: New Customer Experience” on Nov. 6, is chaired by Isabelle Moeller of Biometrics Institute, United Kingdom. Topics to be explored include authentication to identity recognition; the human voice as a game-changer; fast, secure, and convenient transactions at checkout; and multi-factor authentication using biometrics on smartphones.
Another track on Nov. 6, “Secured Smart Card and Embedded Devices,” will delve into developments including identity-based cryptography, EMV, and new testing activities for platform evaluation.
On Nov. 7, “Trust: From Security to Privacy by Design” chaired by Victor Wheatman of javelin Strategy & Research, United States, looks at security from the perspective of privacy and compliance. The tract includes sessions on the evolution of malware techniques; the importance of securing cardholder information; and the fraud implications of smartphones becoming wallets, among other critical issues.
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