November 15, 2016
Some estimates suggest that fraud attacks on US online merchants rose 11% after the October 1, 2015, EMV liability shift. In absolute numbers, the value of fraudulent online transactions is expected to balloon from $10.7 billion last year to $25.6 billion in 2020.
It appears that the EMV transition had the effect it was expected to have and fraudsters have indeed turned their efforts towards weak links – such as CNP transactions – putting e-commerce under fire. There are, however, measures, that can mitigate the risks of CNP payments fraud, which The Reserve Bank of Boston laid out this Thursday in the report titled "Getting Ahead of the Curve: Assessing Card-Not-Present Fraud in the Mobile Payments Environment."
The study suggests that enabling EMV chip card acceptance at POS reduces card-present counterfe ...