News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Fraud Attacks Decrease Slightly in 2017 but Remain Relatively High: Report

Fraud Attacks Decrease Slightly in 2017 but Remain Relatively High: Report

A steady rise in e-commerce transactions globally, the ongoing implementation of EMV in the U.S. and a Dark Web awash in stolen personal and payment information from a procession of data breaches combined to make 2015 and 2016 hectic for those whose job it is to detect and prevent online fraud. According to one antifraud technology provider, however, the spikes of the last two years have attenuated and 2017 provided a breather.

In its most recent Fraud Attack Index, Israel-based antifraud company Forter said the domestic fraud attack rate in the U.S. actually decreased by 4 percent in 2017. The company, which aggregated attack data across its network of customers, said the average attack rate in the U.S. through the first 10 months of 2017 fell slightly to 2.32 percent. Internationally, however, the attack rate was higher at 5.07 percent.

While any decrease is good for those charged with fraud prevention, the company said in the report, fraud is still about twice as high as it was two years ago (data that corroborates a recent report from a different fraud prevention company). It’s positive, Forter said, that the recent trend has moderated, but the overall “rise means that the new norm is still high.”

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