According to recent data and studies, identity fraud and new account fraud continue to plague both banks and consumers, with 80 percent of fraudulently opened credit card accounts in the U.S. applied for with synthetic identities and new account fraud on payment cards increasing by 11 percent in the UK over the last year. New
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Financial Fraud Action (FFA) UK, a financial services industry research and reporting group, recently released their 2016 year-end payment card and banking fraud totals which showed an increase in card fraud overall, primarily led by card not present channel fraud. Changing trends include an increase in fraud attempts but targeting lower order amounts compared to
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According to recent data from Experian, eCommerce fraud was 15 percent higher in the first half of 2016 compared the same period the year before, but for the full-year eCommerce fraud attack rates increased to 33 percent. This implies an even greater increase in CNP fraud in the second half of the year, and it
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According to estimates from Javelin Strategy and Research, there was an 8 percent increase in U.S. consumers impacted by payment card fraud at the point-of-sale in 2016, while those victimized by card not present fraud grew at a much larger rate. Although the industry was bracing for an increase in CNP fraud with the rollout
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Multiple studies have recently shown that across all age groups it is Millennials who are most likely to fall victim to scams carried out via telephone or SMS, as well as fall prey online while displaying careless habits. These digital natives are the most comfortable with mobile devices and eCommerce, but also the most trusting
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Benchmark data of top global retailers from ACI Worldwide along with data tracked by the eBay Enterprise Holiday Fraud Index show apparent strategies and key dates where types of fraud attacks spiked during the holiday season, while overall fraud attempts between Thanksgiving and New Year’s Eve increased by 8 percent compared to 2014. Merchants with
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In mid-January IBM announced the acquisition of IRIS Analytics, a data modeling and analytics provider based in Germany that focuses on risk management for issuers and payment providers. This is IBM’s second acquisition in risk management for the financial services industry following their 2013 purchase of Trusteer. IRIS Analytics was founded in 2007 and provides
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Take the survey today to be entered in up to 5 drawings to win a new Apple Watch Sport™. The earlier you take the survey the more chances you have to win as a new drawing will be held each week. The Fraud Practice and CardinalCommerce are proud to announce that the 3rd Annual Consumer Authentication Survey
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MasterCard recently announced a new suite of authentication options for the online and mobile channel, branded MasterCard Identity Check, which will use various forms of biometrics and SMS one-time-passwords to authenticate card not present transactions. The service is expected to launch in the U.S. by mid-2016 with a global launch planned for the following year. MasterCard Identity
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A new study from Vesta and Javelin finds similarities and differences between merchants selling digital goods, physical goods or both when it comes to expectations for how fraud trends may change following the roll-out of EMV. More than half of all merchants worried about growing fraud cite EMV as a cause for this concern, but digital goods merchants are more
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