Visa Says Big Data Identifies Billions of Dollars in Fraud

No company–and certainly not Visa, the credit and debit card processing giant–can afford to "stand still."

The rising controversy over China’s alleged cyber espionage against U.S. companies has dominated the recent discussion over network security. While politically motivated intrusions are doubtless a threat to many corporations around the world, those concerns may be obscuring a much bigger and more immediate threat to many businesses and their customers–and that is the mounting sophistication of criminal gangs that operate online.

"We are confronting a criminal population that continues to improve its sophistication and its attack vectors, so we can’t stand still," says Ellen Richey, chief enterprise risk officer at Visa Inc. "You see the criminal capability evolving on the technology side," she said. "They are getting into the systems of [Visa] stakeholders and other companies that process payments, and they are able to encrypt their own movements on networks, sometimes for months, and exfiltrate the data."

Steve Rosenbush

Full Story: http://blogs.wsj.com/cio/2013/03/11/visa-says-big-data-identifies-billions-of-dollars-in-fraud/