Card-Not-Present: Fraud on the Move, Back to the Future
As fraudsters switch focus back to card-not-present (CNP) schemes, research from the Aite Group indicates that it will soon outpace card-present fraud in the U.S. by 3:1. Globally, payments provider ACI Worldwide saw a 30-percent increase in CNP fraud in the first half of 2015. In fact, ACI says that approximately 1.2 percent of all CNP transactions conducted between January 2015 and July 2015 were fraudulent.
While in-person payment technologies become increasingly sophisticated, CNP transactions still rely on decades-old security mechanisms that are relatively trivial to defeat. Attend this session, and we'll discuss developments in CNP fraud detection and prevention via:
- Multifactor, multichannel authentication mechanisms being applied across both the endpoint and call-center channels;
- Real-time fraud monitoring systems and tools, such as the 3D messaging protocol;
- The use of behavioral analytics tools to review purchase and payment trends across multiple channels;
- Tokenization and what it can do to protect consumers and issuers.
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