Is the War on Fraud Being Won?
Two sets of industry statistics were published this week, with different and conflicting information:
BBC quoted statistics from the UK Card Association that plastic fraud losses were down by 7% to £341m, attributed to 41% fall in fraudsters impersonating card holders. Whilst CIFAS reported increase in Account takeover up 18%, account misuse (first party fraud 13%) and identity theft 10%.
So who is actually right and wrong here? OK, I accept that I am strictly not comparing apples with apples here, but I am not in denial. As an industry I recognise the excellent work the trade, industry bodies and joint ventures such as the DCPFU do to tackle fraud, but we still have a huge card fraud problem. Some of us have long memories and can remember when card fraud losses stood at £96m.
Check out the Levi Report published in 1996 if you are interested.
Related blog posts
eCommerce Payments Optimization as a Merchant Growth Strategy
In the majority of developed markets, store-based retail sales are shrinking while eCommerce and mCommerce grow at 10- 20% annually. Consequently, merchants are focused on digital commerce growth opportunities more than ever before.
Can payments really be simple Depends on whom you ask
According to the experts from Merriam-Webster, the definition of “simple” is fairly, well, simple to understand:
Consumers want access Merchants want simple global and secure opportunities How to achieve both
While riding the local commuter rail on my last leg home from NYC, I sat next to a woman who was on her smartphone shopping on what looked like a Chinese website. I smiled to myself after just having spent the day talking about the massive opportunities presented in the borderless world of eCommerce. The scenario was very timely as the day’s discussion centered on providing consumers with access to goods and services and the merchants’ opportunity to serve them anytime, anywhere with the payment options they desire.
There is no one size fits all approach when it comes to crossborder eCommerce strategy
Every business has its own strengths – and weaknesses – that need to be taken into account when formulating a cross-border eCommerce strategy. What has worked for one merchant is no guarantee of success for another, and the same applies to payment providers supporting merchants with global ambitions. But being able to successfully support merchants expanding internationally opens up new revenue streams and business opportunities. As CEO & Founder of PAY.ON, and ACI’s SVP Product Line Manager for Merchant Solutions, Markus Rinderer is no stranger to both the challenges and opportunities of cross-border eCommerce.
Payments Are Changing Merchants
Merchants are in the eye of the storm. They have reacted quickly to the consumers and new technology.
EMV in the US The picture six months on Part 2
EMV implementation – the side effects
EMV in the US The picture six months on Part 1
It has been six months since the EMV liability shift occurred in the US on October 1, 2015 – and it’s time to assess our progress, challenges and outlook.
A Cashless Society is Coming to the US
The “Cashless Society” is stuff of FinTech lore, a utopia that can be discussed, but one that many believe is impossible to reach. Impossible that is until we witnessed historically low interest rates globally, not to mention the negative rates in Sweden that have resulted in the paper stuff evaporating before our eyes. So with Hasbro’s major announcement that their top selling classic board game would be going “cashless,” the email deluge began, and thus, I present to you the next installment of Rantings avec Ranta.
What Super Bowl Sunday has in common with Black Friday and Tax Season payments
With the Super Bowl—aka Pizza Sunday—behind us, we took the opportunity to catch up with the leadership team in Data Center Operations at ACI Worldwide, to find out how that organization (which oversees ACI’s hosted payments solutions) supports retail customers like Domino’s during the peak shopping (or eating) days of the year.
I was a victim of online fraud at the holidays almost
Fraud of any type is disconcerting. My recent experience with online fraud proves my point that regular Joes like myself can fight back and be part of the solution against fraud.