Richard_Ballinger_Project_7
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My presentation for why credit card security is so important
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Richard_Ballinger_Project_7
- 1. PresentationUnit 7 Project: Credit Cards and the Problem with Security By: Richard Ballinger Kaplan University CM220-03 March, 2014
- 2. Technology is growing and will never stop growing. In fact, who will be the people or country that is left behind? CREDIT CARDS AND THE PROBLEMS WITH03/18/14 2
- 3. CREDIT CARDS AND THE PROBLEMS WITH 303/18/14 So what is my point?
- 4. CREDIT CARDS AND THE PROBLEMS 403/18/14 America's obsolete credit card system exposes consumers to internet hackers and identity theft; therefore, the country's bankers and retailers should transition into more secure credit cards. (“Practical Ecommerce April 23, 2008”)
- 5. What do we know? * Hacking is a growing trend * Credit cards are becoming more secure, but online is becoming the main means for hackers. * Security must be escalated and maintained for both credit cards and online shopping. CREDIT CARDS AND THE PROBLEMS 503/18/14 (“Kim Zetter. 01.17.14”)
- 6. What about EMV (Europay, MasterCard and Visa)? 1. EMV has been around 10+ years and is almost obsolete. 2. EMV can’t protect against online shopping. 3. EMV would not have stopped what happened at Target in 2013. CREDIT CARDS AND THE PROBLEMS 603/18/14 An online article stated that “for every 100 dollars worth of credit and debit card transactions in 2010, 4.46 cents were lost to fraud (Ross Kerber 10/04/11).”
- 7. PRESENTATION TITLE | COMPANY NAME 7 Idea Number One Idea Number Two We go ahead an implement the EMV chip in credit cards. However, we also force online companies to use pass codes for online credit card purchases. Like veri-sign which is a seal that some We train people how to protect their computers against spyware and hackers. Banks offer free online training for their clients. Eventually offer a technology that will only verify the card if it is03/18/14 Ideas Anyone?
- 8. •Bob Sullivan, “when you tighten security on one end and not the other it is like a water balloon ready to bust. It gets bigger on the opposite end that you are squeezing and it will eventually burst (Bob Sullivan December 23, 2013).” CREDIT CARDS AND THE PROBLEMS WITH 803/18/14
- 9. According to InformationWeek, an online publication stated, "Chip and PIN smartcard adoption in the United States is long overdue. But the security improvement wouldn't have stopped Target's Black-POS malware attackers (Mathew J. Schwartz. 1/24/2014).” CREDIT CARDS AND THE PROBLEMS WITH 903/18/14 So what are the experts saying?
- 10. Conclusion Who’s Responsible? It would seem that it is too large for any one group to be responsible to combat it. It would appear that Who should be the persons to combat fraud? CREDIT CARDS AND THE PROBLEMS WITH 1003/18/14
- 11. References Bob Sullivan (December 23, 2013). Target hack overreaction No. 2: Chip cards will stop fraud! No, they won’t. Here’s why. Retrieved from http://bobsullivan.net/credit-cards/target-hack-overreaction-no-2-chip-cards-will-stop-fraud-no-they-wont-heres-why/ Brian Santo. (9/28/2012).cedmagazine.com. Hacking on the rise Retrieved from http://www.cedmagazine.com/articles/2012/09/hacking-on-the-rise Julianne Pepitone. (November 20, 2013). CNN Money. Digital credit card Coin adds new features after post-launch criticism. Retrieved from http://money.cnn.com/2013/11/20/technology/innovation/coin-card-startup/ Kim Zetter. (01.17.14). WIRED. Target Got Hacked Hard in 2005. Here’s Why They Let It Happen Again. Retrieved from http://www.wired.com/threatlevel/2014/01/target-hack/ Mathew J. Schwartz. (1/24/2014). InformationWeek. Digital Target Breach: Why Smartcards Won’t Stop Hackers. Retrieved from http://www.informationweek.com/security/attacks-and-breaches/target-breach-why-smartcards-wont-stop-hackers-/d/d-id/1113565 Practical Ecommerce. (April 23, 2008). Credit Card Fraud: How Big Is The Problem? Retrieved from http://www.practicalecommerce.com/articles/720-Credit-Card-Fraud-How-Big-Is-The-Problem- Ross Kerber (10/04/11). HUFF POST BUSINESS. U.S. Banks Losing Ground in Combating Credit, Debit Card Fraud: Report. Retrieved from http://www.huffingtonpost.com/2011/10/04/credit-debit-card-fraud-more-common-banks-lose-ground-hackers_n_994690.html The Avengers. (n.d.). In Internet Movie Database. Retrieved from http://www.imdb.com/title/tt0848228/quotes Urgo. (December 16, 2004).Google World Domination Retrieved from http://googleworlddomination.com/ Dan Kyokasho. (n.d).phpBB. AngelMoxie sketches from Dan! Retrieved from http://www.venisproductions.com/phpBB2/viewtopic.php?t=4008
Editor's Notes
- Google’s profit grew 16% over last year’s first quarter to reach a total of $3.4 billion. Reference: http://www.statista.com/chart/977/googles-amazing-growth/
- Notes: It reminds me of a small blurb in the Avengers movie where Tony Stark stated, “We have a Hulk” The Avengers. (n.d.). In Internet Movie Database. This was Tony’s example of being ahead against the underworld. Well could we say, “We have Google?” Google has developed so much in the way of technology, some may even believe that Google will one day own the world based on their power of technology. (Urgo. December 16, 2004). So what is my point to all of this? Well with technology on the rise don’t we worry about our credit cards being compromised? We hear about this so many times and what can be done about it?
- Notes: Well with technology on the rise don’t we worry about our credit cards being compromised? We hear about this so many times and what can be done about it? Credit card fraud is a large problem today and especially in the US. In an online website a statement from a merchant site stated that “credit card fraud is on the decline from 2000 to 2007, and in fact, it is down 1.4 percent from the normal 3.6 percent (Practical Ecommerce April 23, 2008).” Where the problem seems to be hard to remedy is with the online merchants. This is where the war is being lost with banks. This is mostly because the internet has grown so much since 2000 and faster than merchants can catch the fraud. So if the trends show that credit card hacking is on the growing trend, then what can be done to protect our credit card patrons?
- Image received at http://www.venisproductions.com/phpBB2/viewtopic.php?t=4008 Notes: I personally feel that more could have been done to protect credit cards from hackers, but many merchants and banks did not want to spend so much money to fight it early on. For example, Target was attacked hard in 2005 so why could this happen again eight years later? Well according to the Wired Magazine, Target got off easy as an “extremely limited number of payment card numbers were stolen from the company by Gonzalez and his gang (Kim Zetter. 01.17.14).”
- Notes: Some people believe that incorporating an EMV (Europay, MasterCard and Visa) into their credit cards will thwart credit card hacking. Others disagree that this technology can ward against this type of threat. Although this is down from the 4.71 cents from 2009, most of the increased gains in security were attributed to the higher securities adopted by both Asia and Europe with the stricter security procedures. So it would appear that the US has some catching up to do.
- The problem with implementing technology in idea two is that it will cost much money for another technology to be born, but can we afford not too?
- Notes: According to an online skeptic we are long past the time to start using EMV chips. According to Bob Sullivan, “when you tighten security on one end and not the other it is like a water balloon ready to bust. It gets bigger on the opposite end that you are squeezing and it will eventually burst (Bob Sullivan December 23, 2013).” This is why Europe bought into the EMV chip 10 years ago, because their plastic cards were being cloned, but once they secured this then the internet fraud took off. Will this be what happens in the US?
- Notes: So it would appear that EMV isn’t a bad idea but what more can the experts do? What are the experts even saying about what happened with Target? Can the banks afford to give everyone a free smart card reader or will everyone pick up the bill? Maybe the problem truly comes down to the bottom line cost to combat this ongoing and growing problem. So we already know that Europe started using the EMV chip years ago and it has limited the cloning of credit cards, but online hacking has now grown.
- Also, adding layers of security for the companies can eliminate some of the cost. When a bank sets up a business on a point of sale system they charge them a certain percentage for fraud protection. The more security that the businesses can successfully implement can only drive this charge down. In the case with Target, if the banks can prove that Target did not meet their end of the contract for adding security, then they can fine them later. We should be aware of our surroundings when using the ATMs, to be sure no one has added a sneak reader, and we should add the special anti-virus / anti-spoofing package on our computers, and we should get the credit card with our picture, and we should have the better pin numbers when using these credit cards online. It comes down to a responsibility we all have, to keep our information safe, as this battle is too big for any one entity or group to handle. Yes, America needs to step it up with more “state of the art” POS systems, and help train their clients how to protect themselves against fraud, but the battle belongs to everyone. As we transition to new technology, we should not relax thinking we are invincible against fraud, but only know that we are getting a little bit better.