Did you know that In-person, card-present fraud in the U.S. is down by 82 percent,1 while online, card-not-present fraud in the U.S. is up by 33 percent?2
COVID-19 has changed the fraud landscape in unprecedented ways. Two factors explain the high rate of eCommerce fraud:
It's cheap and easy for fraudsters to buy payment and identity information stolen during data breaches and hacks.
EMV (Europay, Mastercard, and Visa) technology embeds computer chips in credit cards to securely store cardholder data, known as "chip and pin" technology. As a result, criminals have moved more activity online.
From account takeovers to gray market sales, fraud takes many shapes and forms, resulting in unauthorised or fraudulent transactions, stolen merchandise, or wrongful requests for refunds. In this eBook, you'll learn why eCommerce fraud is so prevalent, the nine types of eCommerce fraud, and most importantly, fraud management trends to help you stay ahead of evolving fraud attacks.
Understanding how online payments work can actually help you plan your fraud management strategy. And fraud management helps mitigate the risk of financial losses and damaged reputations.