News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Anthem Pays Largest Breach Settlement Ever, Consumers’ Personal Information Still at Risk

Anthem Pays Largest Breach Settlement Ever, Consumers’ Personal Information Still at Risk

Anthem on Friday agreed to what is being called the largest-ever settlement over a data breach. The Indianapolis-based health insurer will pay consumer claims totaling $115 million to settle class-action lawsuits in several states. Under the agreement, the company will admit no wrongdoing. The breach exposed the personal information of nearly 80 million Anthem customers.

Despite a recent report that found payment card information is stolen in more intrusions than any other kind of information, some of the largest hacks, including Anthem, Yahoo and others, focus on personal information, which has led to an evolution in the kind of fraud attacks that are affecting merchants that accept card-not-present transactions. Account takeover fraud, account creation fraud and synthetic fraud all rely on personal information to access or create customer accounts and drain them of value or use them to make fraudulent purchases.

In fact, while payment card fraud still concerns CNP merchants, ATO and other account-based fraud is one of their biggest current challenges. At the recent CNP Expo, ATO was cited repeatedly as an issue by attendees. Last week, the CardNotPresent.com editorial staff discussed ATO as part of a webinar looking at the biggest takeaways from this year’s CNP Expo in Orlando. Click here to access the webinar and hear what attendees were saying.

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