Increase in e-commerce fraud seen in the US
High e-commerce fraud partly a symptom of EMV
If you are one of the thousands of US merchants selling online these days, you know about the risks of fraud. What you may not realize is the US has the highest fraud rate for Credit Cards in the world, this according to a recent article from Business Insider. Do you have security and fraud protection in place? As EMV credit cards are increasingly being adopted, you will find more fraudsters are turning to e-commerce.
EMV, or “Chip Cards” were implemented to prevent criminals from using stolen card numbers to make new cards. Prior to EMV, criminals could simply use cheap, blank or used gift cards and reprogram the magnetic strip on the back with stolen credit card information. Crooks could then literally walk into any store and swipe their card because very few merchants take the time to look at the actual card.
It should be a surprise to no one that criminals did not just give up. In fact, the history of EMV rollouts in Europe and Canada were a clear indication as to what was going to happen in the US, crooks simply switched from retail fraud to online fraud when EMV kicked in. If you don’t have the proper payment gateway settings and fraud protection services in place you are setting yourself up for failure.
Prevention tools are available
It’s clear from the data that e-commerce fraud is only increasing; not protecting yourself fully is almost like inviting it to your doorstep these days. Consider us when choosing a more secure payment-processing resource. We are here to answer any questions you may have about our payment processing and other services, from automated chargeback prevention programs, inexpensive fraud detection software and more, we can recommend many services to help keep your store stay secure and profitable.