Advertisement

U.S. CNP Fraud Stares at 32% Increase by Yearend

Oct. 12, 2010

Lingering unemployment—reaching nearly 10 percent in the U.S.—and the increasing ingenuity of thieves will contribute to a 32 percent increase in the number of fraudulent attempts to buy goods on the Internet, according to a new report from fraud prevention technology provider Retail Decisions (ReD). The U.K.-based company predicted online fraud will jump significantly by the end of this year. “In the first six months of 2010, our figures show that attempted ecommerce payment fraud reached an estimated value of $1.14 billion,” Carl Clump, CEO of ReD, said. “We predict this could reach $2.83 billion by the end of the year—increasing by 32 percent compared to the $2.14 billion total recorded in 2009.” The huge potential increase is stands in contrast to the improving situation in the U.K., where ReD predicted a 9 percent fall in the value of attempted CNP fraud this year (CNP Report Sept. 10, 2010). This has been largely due to combined forces of industry initiatives such as chip-and-PIN and the increasing use of sophisticated fraud detection tools by retailers and banks. “This is a stark warning for U.S. merchants and consumers to protect themselves against payment fraud,” Clump said. “Merchants must ensure they have a dynamic fraud prevention solution in place that can adapt quickly to changes in the way fraudsters operate.”



Advertisement


  • Trulioo Authenticates BRIC - May 24, 2016
    Trulioo Authenticates BRIC

    Vancouver, Canada-based Trulioo today announced its primary verification solution now is authenticating identities throughout the BRIC countries (Brazil, Russia, India and China).

  • MCX on the Ropes, Postpones CurrentC Rollout - May 19, 2016
    MCX on the Ropes, Postpones CurrentC Rollout

    Only a day after Walmart announced plans to launch a pilot for its in-store mobile payment system Walmart Pay in 110 Arkansas stores, the Merchant Customer Exchange (MCX) and its CurrentC mobile payment app appear to be struggling for survival.

Advertisement

 

 

Sign Up Today Free

Receive the twice weekly CNP Report and monthly feature articles providing in-depth examinations of global CNP issues.

Please take a moment and register.
* First Name:

* Last Name:

* Password:

* Confirm Pwd:

* Email:

Category:

Company:

 
Captcha
Answer:

 

 

CNP Archive

Researching companies or people in the CNP industry? Search our past coverage for targeted news and information.

Search here