Card-not-present payment fraud is poised to grow

Source: National Cyber Security – Produced By Gregory Evans

Already accounting for 25% of losses due to fraud globally, card-not-present fraud is expected to grow as U.S. card issuers roll out tougher-to-counterfeit chip cards. U.S. retailers may soon be tussling more with criminals who try to fraudulently use payment cards to pay for online orders. That’s because U.S. banks are issuing replacement credit cards to consumers that contain a microchip designed to make cards harder to counterfeit and use in stores. But those chips cards won’t deter online fraud, because computers lack chip card readers. That’s leading payment industry insiders to predict criminals will attempt more fraud on the web. Research from The Nilson Report, a payments industry publication, says U.S. credit and debit card issuers, acquirers and merchants already bore the brunt of nearly half (48.2%) of the $16.31 billion in losses due to all forms of payment fraud globally last year, despite accounting for only 21.4% of global purchase volume on payment cards. That’s because much of the rest of the world has already phased in chip cards, following what’s called the EMV (short for EuroPay, MasterCard, Visa) card standard. The United States is the last large nation to make the shift to EMV. Use of counterfeit […]

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