The number of order attempts declined for suspected fraud increased by nearly 30 percent year-over-year for orders between Thanksgiving and Cyber Monday, according to data from iovation, that also found a fraud decline rate 50 percent higher than the yearly average (15 percent vs. 10 percent). Likewise, a cyber security firm found a 63 percent
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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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According to forecasts from Aite Group nearly all credit cards issued in the U.S. will have EMV capabilities by 2018 when CNP credit card fraud losses are expected to reach $6.4 billion in the United States. As EMV cards become commonplace among U.S. cardholders it will make counterfeit card fraud more difficult and drive more
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The Fraud Practice discusses the importance of taking the time to consider the options for performing manual review as it is a good way to protect the two most important assets a merchant has: their customer and their brand. When an order has a mix of high and low risk signals or the merchant just
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According to estimates from fraud prevention startup Trustev, there are 250 million compromised payment card numbers for sale in the online black market. The ease with which fraudsters can obtain this information emphasizes the importance of being able to effectively authenticate and verify identity information provided online. Trustev, an Ireland based startup and fraud prevention
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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 CIFAS, a fraud prevention membership association in the UK, both fraud involving payment cards and identity fraud increased in the first half of 2013 while 82 percent of identity fraud cases occurred online. 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
A recently unsealed indictment from the U.S. Attorney’s offices details the charges of four Russian fraudsters and one Ukrainian about their involvement in hacking and data breaches starting back in 2005 that compromised over 160 million credit cards. The hackers have ties to Albert Gonzalez who was charged in 2010 for his involvement with the
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A fourth defendant plead guilty in early August to his participation in an identity fraud scam where over 7,000 false identities were created being used to obtain credit cards and lines of credit and ultimately causing $200 million dollars in fraud losses. Lack of proper identity authentication checks allowed the fraudsters to reuse addresses and
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