Wednesday, August 01, 2018
Payments Risk Management
Online merchants and retailers are facing an ever-growing threat from account takeover fraud, which is accelerating within the card-not-present space. Account takeover occurs when user credentials for a retailer’s website are compromised, leading to exploitation of a consumer and potentially offering a large return on investment for the fraudster. Per research from ACI Worldwide and Javelin Strategy, this type of sophisticated attack accounted for a staggering USD $5 Billion in fraud losses in 2017 alone. The card-not-present environment, due to anonymity, allows a fraudster to hide themselves in the act.