Online transaction fraud is a pervasive and growing problem for ecommerce businesses of all sizes and in every location. Card-not-present fraud attempts against online merchants rose by more than 200% last year, thanks in part to fraudsters’ adoption of bots to place fraudulent orders.
In the EU, CNP fraud now makes up 70% of the card fraud in the region. As the scope of the problem grows, so does the cost. LexisNexis reported in May that each dollar lost to fraud in 2015 costs merchants $2.40, an increase of 17 cents per dollar over 2014.
