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.