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Over 2200 online banking fraud cases reported in 2015

Wednesday 22 April 2015 10:14 CET | News

Credit and debit cards have seen a six-fold increase in the past three years, and there have also been many fraud cases, a recent report shows.

According to an ASSOCHAM study, around 2,277 complaints of online banking, credit and debit card fraud have been reported in 2015. Specifically in the retail sector, complying with the card industrys PCI DSS standards are of high importance as it might otherwise lead to myriad security threats and issues.

When a company conducts a PCI audit, there is a high possibility that the store will show all data for new transactions secure, but at the same time it cannot prove that all PCI-relevant data is equally secure. In such a scenario, the company must either shut down the server, or manually review its entire contents and implement appropriate controls.

Regardless of the industry, the fundamental aspects of compliance remain the same. Enforcing compliance on unstructured data stored on SharePoint websites, NAS devices, file servers or others, through access control, the separation of duties, and the ability to audit are some of the aspects that are a part of the compliance structure.


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Keywords: fraud prevention, web fraud, digital identity, online security, online banking, banking fraud
Categories: Fraud & Financial Crime
Companies:
Countries: World
This article is part of category

Fraud & Financial Crime






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