Yahoo! Finance: As online fraud spikes, here’s how to safeguard your accounts

November 11, 2016 — As online fraud spikes, here’s how to safeguard your accounts

In this Yahoo! Finance article, Karen Queen discusses how to safeguard your accounts as online fraud is on the rise. With comments from NuData’s Ryan Wilk.

They’re the red flags of fraud. An email from your card issuer checking to make sure you booked a stay at a resort in Mexico. A text confirming that you intended to buy another big screen TV. Bogus recurring charges showing up on your card statements.

As merchants continue to switch to chip-card readers to reduce credit card fraud in stores, thieves are increasingly turning online to conduct their crimes. Their old go-to crime – creating new cards with stolen card numbers – is in decline, since chip cards can’t be cloned. That makes online retail stores the easiest target, and that’s where the crooks are going.

E-commerce criminals likely will have even more opportunities to cash in on fraud this holiday shopping season because a higher percentage of American consumers are expected to do their Christmas shopping online.

Online sales are expected to increase more than 17 percent in 2016, according to an eMarketer report. Holiday e-commerce sales, defined as November and December sales, are forecast to jump to $94.71 billion, representing 10.7 percent of total holiday sales.

“As we start to see merchants close the EMV gap, the fraudsters will need to find potentially new places to play,” says Ryan Wilk, director of customer success at NuData Security. “That will increase the card-not-present fraud.”

For the complete article, go here.