Protecting your payments is getting harder
As fraudsters keep getting more innovative, protecting your payments gets harder. The dark web is now a real marketplace, where credit card information and personal identity have predictable cost ranges and are readily available. This was where breached data from large retailers was bought and sold.
According to FICO, 2013 was the year of the mass retailer data compromise for many in the payment card fraud space. With the year coming to a close, FICO wonders what next year’s fraud targets will be. Some of the biggest predicted CNP fraud trends of 2014 include unprotected mobile devices leaving consumers exposed to fraud, spoofing of smartphone apps luring unsuspecting consumers into downloading rogue versions of applications and increased CNP fraud as the adoption of chip and PIN (EMV) technology takes hold in the US.
If merchants are prepared they should not suffer. Balanced forward-thinking fraud solutions that keep mobile vulnerabilities in mind are the key to the future of payments.