Rapid Resolution to Suspected Account Data Compromises
Until now Forensic investigations that are initiated as a result of a suspected card data compromise have followed a well-defined, reactive, time consuming, resource intensive and costly process. In most instances the merchant at the center of the compromise is ignorant of the fact that they have been breached and that they are sitting on a financial ‘time-bomb’.
In such situations there are no winners other than the fraudsters who are often able to harvest card data at leisure until they decide to ‘cash out’. Having monetised their haul, the victim will almost certainly be notified via their acquiring bank that they are a common point of purchase. (CPP)
The resulting financial fall-out is bad news for all parties involved, indeed it is not unusual to see small organisations put out of business as a result of the fees and fines incurred as a result of a cardholder data breach.
Having worked in this field for the last decade, the Foregenix team are shifting the paradigm to a defensive, proactive model that looks to help merchants (retail, hospitality, e-comm) avoid breaches in the first place. What’s more the same technology can be deployed as part of a forensic investigation to significantly reduce the card compromise exploitation window and the financial impact of the forensic investigation itself.
This two part blog will look at Serengeti and how it significantly benefits both the acquiring bank and their merchant’s customers.