The Payment Card Industry For My Organization

Competing with international companies is another problem for MasterCard due to different regulations and laws in other countries and regions. Information technology security is another pressing issue for Mastercard; it inhibits the company’s growth, brand image, and potential revenues.

Another threat is Phishing, it is the fraudulent practice of sending emails pretending to be from reputable companies in order to lure individuals to reveal personal information, such as passwords and credit card numbers.

As the world progresses and technology becomes better and wider spread. The amount of information created increases exponentially. Also as our technology increases and gets better, information that the technology collects becomes more accessible. People can pretty much access information from anywhere at any time about anything, most information is a quick google search away. This is a great thing but as everything moves to a more technological world, our personal information become readily accessible and more people have access to it. Today social networking and education have dramatically benefitted from this increase in information and accessibility. But this can also be a very bad thing, there are also people who take advantage of this accessibility to information in a negative way, with public information being as accessible as it is it makes it a lot easier for people to steal others information. For example identity thieves can steal people’s information they find online and gain access to their identity, because a lot of people’s information is online and accessible to everyone.

The future of payments is current shifting to another path with how technology is changing and is currently modifying how we process our payments and how we store data. It is going away from low-tech and paper based tools, expensive and bulky registers, and physical card swipes. And it is introducing and renovating online commerce and online payment. This is happening due to the decrease of money supply and checks in the current market because people are starting to pay more and more there bills online. As the economy improces and corporations and business gets larger they have started a large-scale implementation of processors in electronic payment technology in their business ands services. Also, credit and debit are growing amongst consumers and it has been the highest that it has even been in history.

In January 2007, TJX Companies Inc. released a statement to the press that an estimated 40 million of their customer’s credit card accounts had been compromised (although final reports state that over 94 million accounts were affected) (Berg 2008). Through the company’s POS (Point of Sales) system, credit card information was stolen by a ring of hackers and approximately $4.5 billion spent on these cards (Berg 2008). What the hackers did was intercepted the credit card information from customers who swiped their cards at the store and then created their own physical cards using this information. Then they sold the credit cards to people, who turned around and used these cards at retail stores, like Walmart (Agrawal 2011). Three areas of weakness within the company’s IT systems that allowed for an attack of this scale were: inadequate wireless security, improper storage of customer data and failure to encrypt customer account data (Berg 2008).

7. List three threats to the security of credit card numbers and other sensitive data during ecommerce

A Social engineering attack is a technique used by the hacker to trick people so they give up confidential information. The most important information the criminals are seeking are peoples’ passwords, bank information, social security number and much more. Reading through the website http://www.social-engineer.org/, I can tell that no one is safe from social engineering attack. One example that makes me think that way is the case of Maario Coleman and Angela Russell. These two guys were able to collect students’ information on the graduation ceremonies and create target lists. The pair then used online databases to find matching social security numbers and birthdates before applying for loans in the students’ names. Social engineering attack

‘’Founded in 1994 the EMV referred to Europay, MasterCard, and Visa, who together provided better card security.’’ (www.thebreif.com) Currently credit card fraud has been at an all time high in the years 2016 and 2017. This activity has skyrocketed since young teens and young adults have the idea of targeting adults and senior citizens, and using someone 's information to buy whatever the scammer desires. “The U.S. is responsible for 47% of the world’s fraud despite only accounting for 24% of total worldwide card volume.’’ (www.nasdaq.com) Credit card fraud has been a big problem, although through new security implementations such as chips and pin systems, the level of security associated with cards has improved. In the future credit card fraud may come to a stop, or at least slow down significantly. With this new security being implemented and new legislation laws credit card offenders may finally be brought to justice.

When we are just wandering social media pages we often think why would a hacker try to steal my information ,but more often then not they do not care how much you got but how much they can get off your name. Hackers are not the only ones that can gain access to your information. Many companies can be forced by law to hand over your private information to authorities ,that is a loss of privacy. "The social network itself may also try to access your email address book to invite your friends to join the the network too. in other cases, a social network may be obliged to hand over its user account information to a government agency which is also a loss of privacy" as said by Hadely Jones. To combat this intrusion of privacy you can keep your social security number secret, only add people you can trust, and useless information to begin with.

Magnetic-stripe based cards are the primary target for hackers who have been breaking into retailers like Target and Home Depot and installing malicious software on the cash registers: The data is quite valuable to crooks because it can be sold to thieves who encode the information onto new plastic and go shopping at big box stores for stuff they can easily resell for cash (think high-dollar gift cards and

Reconnaissance – Attackers may depend on social engineering to gain information, access, and data to a companies inner-working; This include finding out policies, office building security protocols; even dumpster diving for any information that could be used to initiate a scanning procedure. Counter measures for these methods include, enforcing employees to comply with security policies, constantly train employees in the methods of social engineering by attackers; this includes over the phone conversations subjecting an employee into disclosing any type of company information, no matter how innocent the information may seem (an alternative excuse for employees is to refer to company’s website), installation of security cameras, and use

Social engineering is a tactic used by fraudsters to gain sensitive information on individuals. Through various tactics information will be collected and combined together to obtain full names, account numbers, addresses, social security numbers, and dates of birth for prospective prospects. The techniques can be used separately or together and can provide sufficient personal information to fraudsters and aid them in many types of activity. As technology improves the various types of social engineering quickly change and adapt to different security systems. The most popular types of social engineering include phishing, vishing, and smishing. Through these activities fraudsters are able to obtain pieces of information through emails, text messages,

The criminals that are involved in social engineering are pursuing information by tricking you into giving out your passwords or bank data. They also access your computer to corruptly install malicious software that will give them access to your personal information. Common social engineering attacks are emails from a friend, baiting situations like offering new music, phishing attempts like test messages, and etc. Many ways to elude these type of attacks like investigating the matter, delete any invitation for financial information, or reject requests for help or proposals of

Did you know that one of the biggest threats to information security is something we are interacting with on a day to day basis? The people around us can be a huge threat to security without us even realizing it. Social engineering is a non-technical attack used to gather and exploit confidential information (Avoiding Social Engineering). Although the definition that was just given is correct, Ian Mann (2012) also states that social engineering is better defined as “to manipulate people, by deception, into giving out information, or performing an action” (pg.12). Human interaction is the gateway to a social engineering attack, which means it can happen right under someone’s nose without them even realizing. The more advanced technology gets, the more deceptive and advanced hackers are getting. Today, social engineering accounts for 66% of all attacks performed by hackers (The Social Engineering Infographic).

Cybercrime has become a fast growing concern for the 21st century as businesses, institutions and individuals grow into an interconnected web of computer networks. Online business transactions, along with the sharing of personal information, are vulnerable to a host of disasters that can reap economic and social havoc. Some sources say that today, cybercrime costs more than $1.0 trillion to society--Global Industry Analysts, Inc. forecasted the world cyber security market to reach $80 billion by 2017 (Gale, 2011).