Slideshow 8 Big Payment Fraud Trends of 2012

Published
  • December 26 2012, 2:42pm EST
9 Images Total

(Image: ThinkStock)

Cyber War

The Izz ad-Din al-Qassam Cyber Fighters claim to have targeted multiple bank websites this year with denial-of-service attacks, which attempt to knock websites offline by flooding them with traffic. (Image: ThinkStock)

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Layered Security

Just a few years ago, banks were urged to add a second layer of security to protect online accounts. As fraud escalated, experts began to recommend much more — banks should now use five layers of security, including software that searches for odd browsing behavior. (Image: ThinkStock)

Data Breach

Global Payments found itself the target of a breach that exposed up to 1.5 million payment card accounts, by its own estimate. As it investigated the incident, it found that the personal details of some merchants were also exposed. (Image: ThinkStock)

Targeting Social Ties

LinkedIn faced a breach of up to 6.5 million passwords. A social network is a particularly juicy target for fraudsters, who can then access personal details to facilitate social engineering attacks against banks and other payment companies. (Image: Bloomberg News)

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PCI Pushes Ahead

The Payment Card Industry Security Standards Council studied the implications of new technologies. It also released new guidelines for how security vendors handle data encryption. (Image: ThinkStock)

Book 'Em

Not all data breaches are the work of remote hackers. At Barnes & Noble, attackers compromised the physical PIN pads in stores by replacing them with tampered versions. (Image: Bloomberg News)

Weakest Link

Small merchants remain a weak link in the payment system. Many still store unencrypted payment data. (Image: ThinkStock)

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Prediction

To protect payment data, more merchants will use secure cloud storage rather than rely on their own technology. This will be a "vastly superior" approach to security, says Aite Group analyst Julie Conroy. (Image: ThinkStock)