Free white paper – learn about the unforeseen and new impacts of fraud, chargebacks and lost profits in the post EMV world
The EMV liability shift occurred in October of last year in the U.S. and if there’s a main lesson we can take away from countries who implemented the standard before us, it’s that CNP fraud will undoubtedly skyrocket and online fraudsters will evolve their tactics to beat current fraud prevention tools and strategies.
The U.K. experienced a 62% uptick in friendly fraud (aka cyber shoplifting) after the migration to EMV in 2005. The U.S. is slated to experience a similar rise in CNP fraud, with Aite Group projecting fraud losses to hit $7.2 billion by 2020.
Both merchants who have made the upgrade as well as those who have not face rising threats to the bottom line:
- Non EMV-ready merchants face increased chargeback and fraud liability – an already expensive problem
- Migrated merchants face an onslaught of CNP fraud as shrewd fraudsters move to the remote, less traceable and more vulnerable online channel.
- Increased scrutiny from wary customers who want to ensure their sensitive data is protected
Get our white paper, Staying ahead of Evolving Fraud & Security Concerns in the Post EMV World.