SC Magazine: CNP and ATF fraud grew at alarming rates in Q1 and Q2 2015

November 20, 2015 — CNP and ATF fraud grew at alarming rates in Q1 and Q2 2015

Card-not-present (CNP) fraud, including online and mobile attacks, has grown by 20 percent from Q1 to Q2 2015 and during the same time, incidences of account takeover (ATO) fraud increased 280 percent. Representing more than 50 percent of total claims, counterfeit card fraud is still the biggest concern for those that issue debit cards.

According to the Debit Fraud Benchmark Study from Auriemma Consulting Group (ACG) of New York, EMV migration is making these two types of fraud worse. Elsewhere in the world, converting to EMV ends up with fraudsters turning to alternative methods of attack such as online channels, where it’s simpler to devise stolen payment card information.

“The American market has had the benefit of 14+ years of e-commerce risk technology enhancements that did not exist when Europe made the transition.  Along with this the US has been in the unique position having to absorb the effects of EMV being implemented worldwide,” comments Ryan Wilk, director at NuData Security.

To see the full article at SC Magazine, click here.