Payment Fraud Shifts More to Online Purchases
It’s been just over a year since EMV chip cards were implemented, and the biggest impact they’ve created is the shift in payment fraud. The new cards have severely hindered card-present fraud for retailers large and small. However, the number of fraudulent purchases made online has increased, as the card isn’t present during these types of transactions. In-store retail purchases now require identification, pin number, and the card, while online purchases only need the card number and a few other pieces of information. This in turn pushes fraud to online purchases.