July 31, 2018
Fraud prevention professionals have often bemoaned the lack of foundational knowledge for people coming into the industry for the first time—you can’t get a college degree in fraud prevention. But, a group dedicated to developing standards for the financial services industry has released a technical report exploring CNP fraud mitigation in the U.S. that could serve as a comprehensive primer for beginners and experts alike.
The Accredited Standards Committee X9 is an organization accredited by the American National Standards Institute comprising more than 100 member organizations including the Federal Reserve, large banks, merchants, processors, gateway providers, government and others. It recently published Technical Report 48—Card-Not-Present Fraud Mitigation in the United States: Strategies for Preventing, Detecting, and Responding to a Growing Threat.
The exhaustive report defines important payments- and fraud-related terms and technologies, links to other relevant standards, describes prevalent fraud attack types and describes the types of tools and responses available to combat each fraud type.
“As chip cards have helped prevent fraudulent activity at the point of sale, we now see a higher profile for data theft and other criminal activity carried out when cards are not physically present,” said Steve Stevens, executive director of ASC X9. “With TR-48, we seek to educate all sectors of the payments industry about card-not-present fraud and guide them to practices that identify and safely lessen opportunities for crime in online and other card-not-present transactions.”