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Why we are losing the war against payment card fraud
World Economic Forum’s 2018 Global Risks Report also named cyber attacks and data breaches as two of the biggest risks currently faced by organizations.
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The Jakarta Police show confiscated evidence of ATM skimming incidents at the police headquarters in South Jakarta on Apr. 3. M (Tempo/M Taufan Rengganis)
T
he string of ATM card skimming scams has once again brought Indonesian payment card security into the spotlight. A number of skimming cases involving perpetrators from overseas have been uncovered by the authorities. For example, five Romanian and Hungarian nationals were recently arrested for allegedly being involved in fraud targeting the customers of a state-owned bank, Bank Rakyat Indonesia (BRI), in Kediri, East Java.
The bank appears to be not the only targets in Indonesia as two other state banks, Mandiri and Bank BNI, were also scammed by foreign fraudsters. The offenders are allegedly part of a crime syndicate that executes their schemes across different jurisdictions.
As stated in various mass media outlets, the string of skimming cases are considered by many experts as a wake-up call for the Indonesian banking industry to strengthen their defense against fraud. According to PricewaterhouseCooper’s Global State of Information Security Survey 2018, among the major threats faced by organizations these days were data breaches.
Similarly, the World Economic Forum’s 2018 Global Risks Report also named cyber attacks and data breaches as two of the biggest risks currently faced by organizations. With societies and organizations becoming more data driven each day, privacy is becoming more vital and thus data breaches will cause greater damage.
