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Abney And Associates Intenet Technology News Updates, Card Not Present Transaction Fraud can be stopped - 1 views

abney and associates intenet technology news updates card not present transaction fraud can be stoppeds

started by anonymous on 17 Dec 13
  • anonymous
    #1 anonymous on 17 Dec 13
     
    Card Not Present Transaction Fraud can be stopped

    Credit card fraud, despite measures to stomp it out, still runs rampant in America. Forty-seven percent of credit card fraud consists of card-not-present (CNP) fraud. This includes payments via snail mail, phone and Internet.

    The U.S. is headed towards EMV (chip) card technology, notes Scott Zoldi in FICO's Banking Analytics Blog. Though chip-based authentication technology may cause non-CNP fraud to decline, don't count on this same effect for CNP fraud, adds Zoldi.

    There's light at the end of this tunnel, however. Attempts at card fraud have risen, but the average loss per compromised account dropped by 10 percent. The ratio has been the same for fraud to non-fraud spending. The volume of card fraud that has increased correlates to the volume of increase in shopping with credit cards in the first place, writes Zoldi.

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