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Survey: Limit internet access for increased merchant fraud prevention

September 20, 2011

A recent survey conducted by Bank Technology News uncovered some of the most effective strategic moves a bank can make to ensure merchant fraud prevention, Payments Source reports.

A recent survey conducted by Bank Technology News uncovered some of the most effective strategic moves a bank can make to ensure merchant fraud prevention, Payments Source reports.

According to BTN, “a range of bankers, technology providers and analysts” were asked to reveal 10 ways a bank can protect itself. Most respondents pointed to technology for protection, such as duel authentication, access controls and document tracking. However, a cultural change was also suggested.

The survey recommended that banks curtail employees’ web surfing capabilities. The main reason for this is that it limits hacker access.

“If you have access to sensitive data, you should not be able to go to Yahoo! Email or Facebook, for example,” Julie Conroy McNelley, a senior analyst at financial research and consulting firm Aite, told the news source. “It presents an added point of compromise, another point of data leakage or fraud.”

The news source adds that email attachments, using smartphones for work purposes and home PCs also pose a threat to indirectly compromise sensitive data.

Banks must adapt better ways to protect against data breach as cyber criminals alter their tactics. Instead of “sweeping Heartland-style” breaches that were typical years ago, they’re focusing on smaller, more tactical attacks that are harder to spot.  

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