It seems that the world of identity theft and credit card fraud is constantly reaching new heights. According to a recent Aité Group report, credit card fraud increased by 100% overall last year from seven years prior. Globally credit card fraud cost consumers about $16.31 billion in 2014 alone.
With the increase and improvements in technology you would think that these numbers should be going in the other direction. While that may be the case in some instances, it also provides them with many new ways to attack as well. One of the areas that needs to increas significantly as the protective measures over things like credit cards has increased is card not present fraud prevention.
Card not present fraud prevention means protecting consumers from scammers who use their credit card information remotely through means like the internet or telephones. Because they are not there in person (present) the new security chips that many cards now have become obsolete.
Here are three things to consider when it comes to card not present fraud prevention.
- Increasing in Prevalence: On average, e-commerce sales generate $931,490 every 30 seconds through desktop sales and $269,683 through mobile devices globally. That means there’s a lot of opportunity for card not present fraud to occur. Also, as previously mentioned the increase in efforts to fight card fraud could actually be causing the unintended consequence of card not present fraud.
- Multi-Faceted Protection: As criminals evolve and adapt to beat these new systems it’s important for people on the other side to do the same. More and more companies are stepping up when it comes to card not present fraud prevention, which means more layers. For example, some companies are increasing their efforts to double-check or verify purchases made through card not present means. This could mean handling an extra phone call for the consumer, but it’s worth it to properly protect yourself.
- New Innovations to Come: There’s no telling what the next step in terms of card not present fraud prevention will be, but chances are it will come soon. When it does it’s important for more people to recognize and utilize these methods to protect themselves from the damage that may be otherwise caused.
An internet Website is the initial point of contact in 12% of cases of credit or debit card fraud. Card not present fraud prevention is something for everyone to be aware of and proactive about going forward.