Bank security in 2010 slightly improved, study says

Bank security in 2010 slightly improved, study says

Banks across the globe continue to deal with credit and debit card fraud, but security may be improving.

A new study released by California trade publication the Nilson Report revealed that, for every $100 spent toward credit and debit card transactions worldwide last year, 4.5 cents were lost to fraud. That was a decrease from the 4.7 cents lost to fraud in 2009, according to a Reuters report.

While the financial data security landscape appears to have slightly improved, most of the success was in Europe and Asia, not the U.S. market. According to the study, the United States accounted for 47 percent of all fraud losses last year, Reuters reported.

"We have a disproportionate percentage of the global total, and a considerable part of that is because we have an old infrastructure," Nilson Report publisher David Robertson told Reuters. "The U.S. will account for a steadily rising share of the global total until it embraces chip-based card security."

Remaining PCI compliant is another way merchants can make sure critical information is protected from fraud or security breaches. To help organizations regulate their electronic, credit, debit and smart card payments more effectively, the PCI Security Standards Council released a new set of guidelines in June.