While the introduction of EMV payments has given brick-and-mortar stores an added level of protection against counterfeit transactions, it has put online retailers at an even greater risk of being targeted for fraud.
According to a report by Aite and RSA, fraudsters will not simply give up when their efforts are thwarted at physical shops. Instead, their energy will be funneled into the path of least resistance. With card-not-present (CNP) transactions becoming the new lowest-hanging fruit for fraudsters, U.S. online merchants should expect to see a massive spike in fraud, according to the report, which cites similar trends following the shift to EMV in Canada and the U.K.
"The data from Canada's EMV migration paints this picture clearly; counterfeit and lost/stolen … more