RSA said that as a result of the transition of payment cards to the EMV standard, most countries will face CNP fraud, CNews reported.
Сard Nоt Present fraud is based on the use of payment details of a bank card by a non-legal owner.
According to the analytical company Aite Group, in 2014, this type of fraud will cost, for example, US banks about $ 2.9 billion. By 2025, about 98% of payment cards in the US will support EMV, and potential losses will more than double - up to $ 6.4 billion
RSA has compiled information on the billions of online transactions it protects each year and has highlighted a number of trends. There are more than 100 parameters for risk analysis in the RSA authentication system - they allow timely identification of fraudulent transactions. One of the most important indicators in this case is the average cost of a transaction. It is noteworthy that fraudulent payments are almost always significantly higher than the average for legitimate payments.
So, for example, if the amount of a usual purchase of jewelry in an online store is $ 307, then fraudsters make a purchase in the amount of $ 1,300, which is 4 times higher than the normal rate. At the same time, using stolen payment cards, scammers actively book tours, withdraw cash, buy computers and even pay apartment bills.
RSA also identified the most popular transaction categories for online purchases: airline tickets (39%); retail purchases (15%); computers / electronics (12%); tickets (10%); telecom - phones, applications, etc. (5%); money transfers (4%); car expenses (3%); toys (3%); clothing (3%); restaurants and cafes (1%).
“The transition to the new EMV standard will be only the first sign of major changes in the industry. Starting in October 2015, online retailers and issuing banks will be responsible for card payments. This means that financial institutions and retail chains need to start investing early in new technologies that will help them cope with the new risks in e-commerce, ”noted in RSA.
As previously reported, according to a new study by ACI Worldwide and Aite Group, 23% of users changed their financial institutions due to cases of fraud.
Сard Nоt Present fraud is based on the use of payment details of a bank card by a non-legal owner.
According to the analytical company Aite Group, in 2014, this type of fraud will cost, for example, US banks about $ 2.9 billion. By 2025, about 98% of payment cards in the US will support EMV, and potential losses will more than double - up to $ 6.4 billion
RSA has compiled information on the billions of online transactions it protects each year and has highlighted a number of trends. There are more than 100 parameters for risk analysis in the RSA authentication system - they allow timely identification of fraudulent transactions. One of the most important indicators in this case is the average cost of a transaction. It is noteworthy that fraudulent payments are almost always significantly higher than the average for legitimate payments.
So, for example, if the amount of a usual purchase of jewelry in an online store is $ 307, then fraudsters make a purchase in the amount of $ 1,300, which is 4 times higher than the normal rate. At the same time, using stolen payment cards, scammers actively book tours, withdraw cash, buy computers and even pay apartment bills.
RSA also identified the most popular transaction categories for online purchases: airline tickets (39%); retail purchases (15%); computers / electronics (12%); tickets (10%); telecom - phones, applications, etc. (5%); money transfers (4%); car expenses (3%); toys (3%); clothing (3%); restaurants and cafes (1%).
“The transition to the new EMV standard will be only the first sign of major changes in the industry. Starting in October 2015, online retailers and issuing banks will be responsible for card payments. This means that financial institutions and retail chains need to start investing early in new technologies that will help them cope with the new risks in e-commerce, ”noted in RSA.
As previously reported, according to a new study by ACI Worldwide and Aite Group, 23% of users changed their financial institutions due to cases of fraud.
