Latest information about the increasing number of cyber attacks on Heartland Payment Systems and Hannaford Brothers reveal the need to upgrade security measures in the US credit-card industry – reported Reuters.
The security of consumer information came under scanner last week when three unnamed hackers were indicted for breaching the computer networks of both the firms, which claimed that they were in compliance with security requirements.
The condition is no different across the industry. Most of the firms are encountering rising costs linked to fraud and its prevention, reported the Daily Mail. According to Javelin Strategy & Research, a California-based consulting firm, credit and debit card related frauds have increased in the US to $22 billion in 2008 from $19 billion in 2007.
Robert Vamosi, an analyst for California consulting firm, Javelin Strategy & Research, said: The positions reflect broader disagreements in the industry, as squabbling between merchants and financial firms over technology and the cost of systems upgrades continues to impede progress, reported the Daily Mail.
