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Cyberfraud/ID Theft - Banking Exchange
Executive order requires chip-and-pin on federal credit/debit cards
Commissioner Ohlhausen targets worries over cramming, in-app purchases, and sloppy data security
Associated losses also rose, at a rate of 34%
Businesses generally count on banks to bear the brunt of losses
Above all, admit that bad guys are trying to hit your bank
Or, “Damned if you do, and damned if you don’t”
50% know about it—only 3% have used it
Customer data, financial information most sought after
Dry, dusty digital security gets star treatment
Digital payments would gain appeal with stronger security
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