Fraud Summit - Chicago 2014 - Payment Card fraud remains a top challenge for financial institutions. The latest wrinkle: Breached retailers such as Target and Neiman Marcus, whose compromises led to wholesale card fraud. Register for this session and learn:
The American Bankers Association's view of how institutions are fighting back with new solutions and strategies;
An attorney's perspective on legal pitfalls for financial institutions;
The Federal Reserve Bank of Chicago's vision of the future of the U.S. payments system.
Additional Summit Insight: Hear from more industry influencers, earn CPE credits, and network with leaders of technology at our global events. Learn more at our Fraud & Breach Prevention Events site.
ISMG just completed its annual Faces of Fraud survey, and retail breaches such as Target and Sally Beauty dominated the responses. Some key findings:
70% of respondents say they or their customers were impacted by the Target breach.
Direct impacts include:
60% reissued payment cards
50% lost time/resources to response
43% saw fraud incidents result from these breaches
48% believe the breached merchants ultimately should be held responsible for the compromises.
The message couldn't be clearer: Banking/security leaders feel abused and frustrated by recent retail breaches - and they want to see changes in how merchants conduct and process secure payments.
In this exclusive session, recorded at the 2014 Chicago Fraud Summit, hear about:
Retail Breaches: The Banks' View - by Doug Johnson of the ABA
Breach Litigation Update - from attorney Ronald Raether
New Strategic Direction - presented by Kirstin Wells of the Federal Reserve Bank of Chicago
The session concludes with a "Future of Payments Security" panel discussion moderated by Tracy Kitten, Executive Editor of BankInfoSecurity.
ISMG's Fraud Summits are one-day events focused exclusively on the top fraud trends impacting organizations and the mitigation strategies to overcome those challenges.
SVP & Chief Advisor, Payments & Cybersecurity Policy, American Bankers Association
Johnson is the ABA's senior VP and chief advisor for payments and cybersecurity policy, where he's involved in a variety of public policy and compliance issues. He currently leads the association's enterprise risk, physical and cybersecurity, business continuity and resiliency policy and fraud deterrence efforts. Johnson currently serves as vice chairman of the Financial Services Sector Coordinating Council, which advises the federal bank regulatory agencies on homeland security and critical infrastructure protection issues. He is also a board member of the FS-ISAC, a private corporation that works with government to provide the financial sector with cyber and physical threat and vulnerability information.
Partner, Troutman Sanders
Ron Raether leads the Cybersecurity, Information Governance and Privacy practice and is a partner in the Financial Services Litigation practice group at Troutman Sanders. Ron is known as the interpreter between businesses and information technology, and has assisted companies in navigating federal and state privacy laws for over twenty years. Raether's understanding of technology led him to be involved in legal issues that cross normal law firm boundaries, including experience with data security, data privacy, patent, antitrust, and licensing and contracts. This experience allows Raether to bring a fresh and creative perspective to data compliance issues with the knowledge and historical perspective of an industry veteran.
VP, Risk Officer, Federal Reserve Bank of Chicago
Wells is vice president, risk officer, for the Federal Reserve Bank of Chicago. Prior to this role, Wells was an assistant vice president in the financial markets group, where her work focused on policy issues related to risk management in derivatives clearing and settlement and innovations in general purpose payment systems. Prior to joining the Federal Reserve Bank of Chicago, Wells was a vice president for payment system strategy at Wachovia Corporation, and a senior policy analyst in the payment risk area at the Board of Governors of the Federal Reserve System.