Detecting and Mitigating Skimming Fraud Losses

Recorded on April 14, 2016   |   With Rayleen Pirnie

Detecting and Mitigating Skimming Fraud Losses

With Rayleen Pirnie
  • 1 Video
  • 4 PDFs
  • 2.0 hrs
Course description

ICB Credit: 2.5 CRCM

How do you reduce skimming-related losses? By having properly trained frontline staff members who know what to look for to detect and mitigate skimming fraud losses.

ATM skimming fraud losses have surged since 2013 and show no signs of curbing. Debit card compromises at ATMs located on financial institution properties jumped 174% in 3 months last year, and successful attacks at nonbank properties soared by 317% (FICO). It's one of the financial industry's fastest-growing electronic frauds. True losses are unknown; some sources put global skimming losses as high as $8 billion annually. The PCI Security Standards Council estimates each skimming case creates an average of $50,000 in losses per incident.

Skimming card data isn't restricted to ATMs. According to Trend Micro, in the third quarter of 2015, small and medium-sized businesses accounted for 45 percent of known incidents involving PoS malware. The staggering losses are often felt by the issuing bank when your customer uses their card at the affected merchant. Card payments have a lot of vulnerabilities, but many are easily overcome with just a few changes in how we handle our equipment and how we monitor for possible fraud.

This webinar will evaluate common skimming methods currently being employed by criminals and will evaluate options for banks to detect and minimize their exposure to fraud and loss. We will discuss physical and technological mitigation strategies to strengthen your ATM defenses, and isolate the common mistakes businesses make that frequently lead to a data compromise. We will also analyze why EMV will have little impact on losses by evaluating new, already seen schemes that occur at EMV-enabled ATMs so you can be prepared as you upgrade your terminals.

Key webinar topics include:

  • ATM Skimmers
    • How criminals frequently choose the ATMs
    • Detecting skimmers
    • What to do if you suspect a skimmer
    • Skimmer mitigation
  • How POS Skimmers and POS Malware affects a bank
    • See just how easy it is to infect or alter a POS terminal for fraud
    • Mitigation strategies to pass to business customers
  • Preparing for the future
    • New schemes already affecting EMV-enabled ATMs
    • Why EMV will not stop POS skimming fraud
    • Customer education

Attendees will be provided a valuable ATM Skimmer Defenses Guide that details physical and technological mitigation options, plus a Consumer Protection Guide to provide to your customers.

WHO SHOULD ATTEND:
Any banking individual interested in protecting their bank from skimming losses, including branch personnel who have onsite ATMs, security, risk management, card investigations, ATMs, and Operations.

Course Curriculum

Video
108:13
Detecting and Mitigating Skimming Fraud Losses
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Materials
Slides
Tips to Manage the Threat of ATM Skimmers
Consumer Protection Guide
Questions and Answers
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Instructor

Rayleen Pirnie
Rayleen Pirnie

Rayleen is the founder and owner of RP Payments Risk Consulting Services, LLC based in Missouri. She is a nationally recognized payments risk and fraud expert who offers specialized consulting services, procedural and risk management reviews, and payments education. Rayleen’s specialized skill is delving into the world beyond the payment rules; areas where organizations often find themselves in positions of liability or loss with little to no clear guidance. Her programs help organizations identify and mitigate risk and exposure from multiple disciplines. She is an Accredited ACH Professional (AAP) and a Certified Enterprise Risk Professional (CERP) who has worked with all payment systems for 20 years. Rayleen holds a Bachelor of Science in Criminal Justice Administration.