Breach: A New Three Part Series
This year MWAA, in partnership with Discover Global Network, brings you a three-part series on Know Your Customer protocols and data security in a new era of high-profile data breaches.
In late July 2017, a major data breach was discovered at a U.S. consumer credit reporting agency. And more than half a year later, details of the damage are still coming to light.
What made the breach so concerning wasn’t just its size but the type of information that was hacked. The breach exposed consumers’ names, birthdates, Social Security numbers (SSNs) and parts of their driver’s license numbers—all of which fall under the umbrella of personally identifiable information (PII). PII is a valuable commodity to cybercriminals because they can use it to easily evade acquirers’ client verification protocols to set up fraudulent accounts. READ MORE
Last month, Midwest Acquirers Association (MWAA) released the first article in a three-part series on the state of Know Your Customer (KYC) security. With the shockwaves of major data breaches still reverberating, the need for meticulous, secure verification in underwriting becomes clearer by the day. Now that millions of consumers’ personally identifiable information (PII) is compromised, the risks of fraudulent merchant account creation is higher than ever. READ MORE
In recent weeks, the Midwest Acquirers Association (MWAA) published a series of articles exploring the current state of Know Your Customer (KYC) security. With massive data breaches exposing the personal information of millions of Americans, the risks of fraudulent account creation and theft have never been more real. The acquiring industry, and the financial services industry more broadly, are experiencing a call-to-arms to improve KYC protocols and strengthen data security. READ MORE
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