Tired of hearing about data breaches and stolen credit card information? An executive at Fidelity National Information Solutions says you should expect more frequent attacks this year.
Bob Legters, who works at the company’s St. Petersburg office, said Tuesday that criminals this year likely will increase attacks on businesses’ servers that record payment information, because the payment industry is issuing more credit cards embedded with EMV security chips.
Many merchants face an October deadline to switch point-of-sale terminals to accept the new technology.
“It absolutely will be the worst year of fraud because criminals know we are putting bars on the windows with EMV,” Legters said during a panel at the Consumer Bankers Association conference in Orlando. “They will exploit that channel as much as they can.”
The conference draws retail bankers from across the country to talk about emerging trends in the industry. It comes amid an environment that has banks rushing to adapt a decades-old business model to emerging technologies.
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