Plastic Has Holes Bad Actors Can Squeeze Through

Aug 18 Plastic Has Holes Bad Actors Can Squeeze Through

Credit Card Fraud

Europe Records All-Time Card-Fraud Losses While More Genuine User Transactions Blocked

According to an article on cardnotpresent.com (link to article), overall losses to card fraud in the U.K. are the highest since 2008 and, “like many other countries that have migrated to chip-and-PIN, card-not-present fraud leads the way.” In one year, U.K. CNP losses jumped from $414 million to more than $505 million. In fact, when it came to losses from fraud, the U.K. and Russia led the way. Click this link for a European map of card fraud.

Blocking good customers

Martin Warwick, a principal fraud consultant at FICO, noted, “When fraud losses peaked in 2008, U.K. issuers sharply reduced card fraud through chip and PIN and fraud analytics. However, tougher fraud detection policies and thresholds also block more genuine transactions, and now the focus for U.K. banks and regulators is very much on improving the customer experience.”

ThreatMetrix® builds trust on the Internet by offering market-leading advanced fraud prevention and frictionless context-based security solutions. These solutions authenticate consumer and workforce access to mission critical applications using real-time identity and access analytics that leverage the world’s largest trusted identity network.

ThreatMetrix secures enterprise applications against account takeover, payment fraud, fraudulent account registrations, malware, and data breaches. Underpinning the solution is the ThreatMetrix® Global Trust Intelligence Network, which analyzes over 500 million monthly transactions and protects more than 160 million active user accounts across 2,500 customers and 10,000 websites.

The ThreatMetrix solution is deployed across a variety of industries, including financial services, enterprise, e-commerce, payments, social networks, government and insurance.

For more information, visit www.threatmetrix.com or call 1-408-200-5755.

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