News

US migration to EMV drives CNP fraud to alarming high

April 21, 2016

Forter, a provider of fraud prevention systems, has released the latest edition of its Global Fraud Attack Index. The publication reflects the full range of data from 2015.

Over the 12-month period, online fraud attempts grew by an alarming 215 percent, driven in large part by the adoption of EMV in the U.S., according to a company blog.

As card present fraud becomes more difficult with EMV, criminals are moving to the more vulnerable channels of e-commerce, mobile commerce and phone orders, Forter said.

Notably, fraud jumped 11 percent during the 2015 holiday shopping period. Normally, it comprises a smaller proportion of all transactions during the season as cardholders drive a burst of legitimate retail transactions in retail's all-important fourth quarter.

The average value of fraud attacks also rose in 2015. Overall, the potential cost of fraud increased from 2.4 percent to 3.3 percent, Forter said.