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Digital Identity, Security & Online Fraud

Credit/debit card fraud attacks on the way up in 2013

Friday 4 April 2014 | 09:12 AM CET

2013 has witnessed an increase in credit and debit cards fraud as fraudsters and the methods they use became more sophisticated, a recent report indicates.

According to the 2014 AFP Payments Fraud and Control Survey by Association for Financial Professionals, even as check fraud has declined, companies are now preparing for the shift in credit/debit card liability from issuers to merchants. Results show that 22% of respondents that accept credit/debit cards from their customers anticipate a significant impact from their investment in card acceptance fraud prevention methods and half expect some impact.

The same study unveils that following recent security breaches, 63% of organizations have either adopted additional security measures or are planning to do so in the near future, with measures ranging from secure signature stamps, electronic signatures, payment data stored with third-party vendors and increased layers of security.

When it comes to financial loses, research points out that 70% of companies exposed to actual or attempted fraud in 2013 experienced no financial loss as a result. In addition, 80% of companies that experienced actual or attempted payments fraud found it originated outside the organization.

The report was conducted in January 2014 and is based on a sample of more than 5,600 corporate practitioner members with the job title cash manager, analyst, and director.
 

More: Link
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