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Introduction

Data breaches involving huge numbers of payment cards and other sensitive information show no sign of abating, while cyber fraud is, if anything, set to grow in the coming years.

Highlights

  • Investments in IT security should seek to make it as expensive as possible for hackers to penetrate their systems, and then prioritize detection and mitigation of breaches.

Features and Benefits

  • Understand how fraud has moved online and why.
  • Understand the kinds of technology enterprises need to invest in against data theft and fraud.

Key questions answered

  • How does cybercrime feed into fraud activity?
  • Why will the US adoption of EMV drive more fraud online?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for enterprises

PII, PHI, and PCI are types of personal data

  • Three major categories of personal data need to be protected

Fraud is adapting to the online world

  • Fraud has gone online
  • Data theft has proliferated
  • Cybercrime is a provider and a locus for fraud
  • The dark web is a boon for cybercrime

Data theft protection is a multifaceted undertaking

  • Defense requires people, processes, and technology
  • Attacks use multiple vectors

Cyber fraud requires behavioral monitoring

  • Online channels enable CNP fraud
  • Biometrics are a way forward against online fraud

Appendix

  • Further reading
  • Author

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