The 2015 EMV deadline arrives in October and many experts have speculated about how the widespread implementation will change the nature of cyberattacks. On this blog, we've discussed predictions that hackers will use all of their old tricks up until the EMV deadline in order to capitalize on the closing window of opportunity. However, Ian Murphy of RetailDive suggests the adoption of EMV systems will cause hackers to focus on card-not-present (CNP) transactions. 

"CNP fraud is expected to more than double from a total of $2.9 billion in 2014 to $6.4 billion in 2018," explains Murphy. "And as an EMV transition proceeds in the United States, fraud will shift from card-present transactions to other types of card payments that so far lack stringent protocols for authentication, says a white paper from the EMV Migration Forum, including e-commerce and other direct sales."

EMV chips are useful devices to minimize risk for card-present transactions, but that doesn't mean hackers won't pursue other avenues to target payment information. In the United Kingdom, EMV implementation preceded a spike in CNP fraud attempts. 

Merchants need to monitor their payment acceptance policies to track:

• Chargeback Rate
• Sales Reject Rate
• Manual Review Time

This allows them to determine when automated fraud detection technologies should be deployed.  Building out in-house fraud systems should be avoided, as home-grown solutions may present vulnerabilities. See Vantage for complimentary consultation about our payment processing solutions for businesses. With our guidance and expertise, your company can understand its risk and implement practices that protect your operation from cyberattacks.