In addition to the obvious threat to revenue, CNP fraud also poses a risk to brand reputation.
The threat of online fraud continues to be of great concern to consumers, with a recent Associated Press poll showing 58 percent have “deep concerns” about their personal data in online transactions. In response,
merchants have banded together with financial institutions to safeguard data
. Merchants that ignore this consumer concern do so at their own peril.
Here are a few considerations for CNP merchants to arm themselves for fighting CNP fraud:
- Listen to Goldilocks on Fraud Prevention – be fluid use the right tools for your business
- Consider using biometrics, enhanced 3D Secure technology, and tokenization of data.