Fraud statistics are up for debit, credit and prepaid cards
The Nilson Report displays disappointing fraud statistics, with increased values from 2011-2012.
$11.27 Billion has been lost in 2012 by merchants, card issuers, acquirers and prepaid payment cards, globally. This number is up 14.6% from 2011 with gross fraud losses rising to 5.22¢ per $100.
Card issuers incur losses if authorization is given to the merchant to accept payment on what turns out to be a fraudulent card, however, within the card-present environment, EMV (Europay, MasterCard and Visa - global standard for credit/debit chip cards at POS and ATM terminals) is proved to be a reliable fraud fighter and “the strongest defense against counterfeit cards,” according to Nilson Report, publisher, David Robertson.
For those of us in the card-not-present (CNP) environment, EMV does not provide assistance and the reality is that the wounds of acquirers and merchants are suffered predominantly on card-not-present, internet, Call Center Call Center In general, a call center is defined as an office equipped with the technology and hardware to handle and process a large volume of incoming or outgoing phone calls. Call Centers today have expanded from simple telecommunication to all forms of communication, including online customer support and live chat features and the use of VOIP, including video calls. Initially, call centers were designed for selling or taking orders and for customer support. Call centers of yesterday were the precursor o In general, a call center is defined as an office equipped with the technology and hardware to handle and process a large volume of incoming or outgoing phone calls. Call Centers today have expanded from simple telecommunication to all forms of communication, including online customer support and live chat features and the use of VOIP, including video calls. Initially, call centers were designed for selling or taking orders and for customer support. Call centers of yesterday were the precursor o Read this Term and mail order transactions, because fraudulent chargebacks from end-users are much more difficult to control and become the financial responsibility of these two parties.
With the growth of e-commerce, worldwide, CNP fraud is bound to remain an ongoing battle. We know that it is still dangerously prevalent in Europe, with all sorts of activity being promoted to attempt a counter-attack, such as suggestions made in the fraud report, released by the European Central Bank, last month.
The Nilson Report suggests that PCI DSS is helping to secure the systems through which fraud is enabled, and interestingly, a fraud analysis of Australia, published by the Australian Payment Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term Association, indicates that CNP fraud dropped by 8% in 2012, an uncharacteristic trend for CNP fraud which was attributed to an increased use of fraud prevention and authentication tools like Verified by Visa and MasterCard SecureCode. This data is curious because it suggests that the prospects for CNP are not totally grim. APCA CEO, Chris Hamilton, warns that fraud cannot be fought in the presence of complacency – perhaps some valuable advice for the rest of us.
Image courtesy of Flickr
The Nilson Report displays disappointing fraud statistics, with increased values from 2011-2012.
$11.27 Billion has been lost in 2012 by merchants, card issuers, acquirers and prepaid payment cards, globally. This number is up 14.6% from 2011 with gross fraud losses rising to 5.22¢ per $100.
Card issuers incur losses if authorization is given to the merchant to accept payment on what turns out to be a fraudulent card, however, within the card-present environment, EMV (Europay, MasterCard and Visa - global standard for credit/debit chip cards at POS and ATM terminals) is proved to be a reliable fraud fighter and “the strongest defense against counterfeit cards,” according to Nilson Report, publisher, David Robertson.
For those of us in the card-not-present (CNP) environment, EMV does not provide assistance and the reality is that the wounds of acquirers and merchants are suffered predominantly on card-not-present, internet, Call Center Call Center In general, a call center is defined as an office equipped with the technology and hardware to handle and process a large volume of incoming or outgoing phone calls. Call Centers today have expanded from simple telecommunication to all forms of communication, including online customer support and live chat features and the use of VOIP, including video calls. Initially, call centers were designed for selling or taking orders and for customer support. Call centers of yesterday were the precursor o In general, a call center is defined as an office equipped with the technology and hardware to handle and process a large volume of incoming or outgoing phone calls. Call Centers today have expanded from simple telecommunication to all forms of communication, including online customer support and live chat features and the use of VOIP, including video calls. Initially, call centers were designed for selling or taking orders and for customer support. Call centers of yesterday were the precursor o Read this Term and mail order transactions, because fraudulent chargebacks from end-users are much more difficult to control and become the financial responsibility of these two parties.
With the growth of e-commerce, worldwide, CNP fraud is bound to remain an ongoing battle. We know that it is still dangerously prevalent in Europe, with all sorts of activity being promoted to attempt a counter-attack, such as suggestions made in the fraud report, released by the European Central Bank, last month.
The Nilson Report suggests that PCI DSS is helping to secure the systems through which fraud is enabled, and interestingly, a fraud analysis of Australia, published by the Australian Payment Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term Association, indicates that CNP fraud dropped by 8% in 2012, an uncharacteristic trend for CNP fraud which was attributed to an increased use of fraud prevention and authentication tools like Verified by Visa and MasterCard SecureCode. This data is curious because it suggests that the prospects for CNP are not totally grim. APCA CEO, Chris Hamilton, warns that fraud cannot be fought in the presence of complacency – perhaps some valuable advice for the rest of us.
Image courtesy of Flickr