According to the experts, losses due to card fraud might hit a record high in 2017, after a brief drop last year. Furthermore, the 2016 Nilson Report – which provides annual analyses of the global card and mobile
paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More industries – estimates that card swindling should grow by 42% in the next three years, to a total of $31.67 billion by 2020. And this is just the visible tip of the iceberg: there are far more costs associated with card fraud as highlighted in the report
The Hidden Costs of Card Payments.
Various factors might be cited to explain this significant increase. First, card issuers will no longer be able to charge back non-EMV merchants – including gas stations – for purchases under $25. In addition, only 10 fraudulent transactions will be charged back per account. Besides, traditional attacks such as card skimming and data theft continue to generate significant losses. In 2016, the amount of
moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More lost to card skimming increased by 70% compared to 2015, without mentioning the 546% rise from 2014 to 2015.
Moreover, the craze for e-shopping does not contribute to
reverseThe back of the banknote or coin. See Obverse. More the trend as issues with card
verificationChecking the authenticity. More values used for online purchases occur continually. Robert Jarosinski – Consultant for risk and compliance solutions at CUNA Mutual Group – stated during a conference that criminals continue to be ahead of the game despite the constant development of sophisticated anti-fraud technologies and tools. Recent attacks carried out against central banks and other financial institutions only confirm this assertion.