Jeffrey Roman reports:
June 21 Update: The recent breaches that affected dozens of Northeast Ohio banks and credit unions were most likely caused by the interception of CVV2 card security codes, says Mike Urban, senior director of fraud product management at FICO.
“It’s not a skimming situation,” Urban says of the breaches which started in April. “Likely, it was related to one or several attacks on a card-not-present merchant.”
The fraudsters, using stolen debit details, hit accounts with fraudulent signature-based transactions used for online and over-the-phone purchases.
Based on the number of organizations hit, tens of thousands of accounts may have been exposed.
Read more on BankInfoSecurity.