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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Announcements from three of the major card associations in June describe different approaches for reducing merchant liability and losses with counterfeit card fraud through April 2018 as the U.S. transitions to EMV. Visa estimates their changes will lead to 40 percent fewer chargebacks and 15 percent fewer dollars being charged back to merchants related to
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2015 will likely bring many changes and developments in the payments and risk industries, but none more anticipated than the EMV liability shift taking place on October 15. As issuing banks prepare to replace magnetic-stripe cards with EMV Chip cards, many merchants will upgrade their POS equipment and prepare for the expected increase in online
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October 2015 is the deadline for switching credit cards and readers to EMV/Chip & PIN technology in the US. At this point fraud liability switches to the party with the lesser technology, which will have substantial impact on unprepared merchants. The eCommerce channel must also get ready as stopping fraud at physical retail stores will
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International website sold almost 70,000 counterfeit credit cards along with state IDs. The FBI and US Postal Inspection Service recently assumed control of fakeplastic.net, a massive and well organized online operation selling counterfeit credit cards, holographic stickers and state ID cards complete with holographic overlays. The organization sold 70,000 counterfeit cards and associated are estimated
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A recent report from FICO found that the incidence rate of credit card fraud on U.S. issued cards increased by 17 percent over a nearly two-year period while card not present fraud grew at the fastest rate. Read More
According to data from FICO and Euromonitor International, card fraud losses increased 6 percent in 2012 from 2011 while 80 percent of this increase came from Russia, France and the United Kingdom. Read More
According to The Nilson Report, global card fraud losses surpassed $11 billion in 2012 while the U.S. accounted for nearly half of the card fraud loss volume. Read More
