Card-not-present (CNP) online payment fraud is a frequent research topic of Juniper’s, and a year and a half ago the consultancy forecasted that retailers would lose $71 billion to CNP fraud by 2022. Now, Juniper is predicting a much higher loss total for just one year later. The problem is growing fast.
The retail sector has been well aware for years now that CNP transactions are ripe fruit for fraud schemes. Steadily increasing CNP transactions are essential in a world moving more to e-commerce and mobile commerce. That accounts for part of the rise in CNP fraud activity, but it’s also a result of in-store transaction protections like EMV that are forcing criminals to look elsewhere to commit fraud.