Survey Roundup: Communications Compliance Breakdown
The adoption of EMV chip cards in the U.S. will reduce retailer counterfeit fraud losses from $4.5 billion to $1 billion by 2020, according to cybersecurity firm iovation.
Survey: Average card APR remains unchanged at 15.19 percent
Average rates on new credit card offers stayed put this week, according to the CreditCards.com Weekly Credit Card Rate Report. None of the cards tracked by CreditCards.com advertised new interest rates. As a result, the national average annual percentage rate (APR) remained at 15.19 percent for the fourth consecutive week. Most card issuers left promotional APRs, such as 0 percent balance transfer offers and 0 percent purchase rates, unchanged as well.
CNP Report Audio Podcast Thurs. May 12, 2016
Card-not-present fraud losses in the U.S. will reach $7.2 billion annually by the end of 2020 and account takeover fraud will generate another $1 billion in losses, according to a new report. As its name implies, EMV: Issuance Trajectory and Impact on Account Takeover and CNP postulates that the ongoing issuance of chip-enabled payment cards in the U.S. will have a significant impact on both CNP fraud and account takeover fraud as criminals look for easier ways to monetize stolen data.
CNP Fraud to Cause Losses of USD 7 Billion by 2020
An Iovation and Aite Group study has revealed that CNP fraud will cost merchants and financial institutions USD 7,2 billion in the US by the end of 2020. The report - ‘EMV: Issuance Trajectory and Impact on Account Takeover and CNP’- says that the cost to financial institutions of account takeover losses will increase from USD 644 million in 2015 to more than USD 1 billion by 2020 in the US.
Card Not Present fraud to exceed $7 billion
iovation and Aite Group have developed an impact note entitled “EMV: Issuance Trajectory and Impact on Account Takeover and CNP.” The report calculates that card not present fraud – fraudulent transactions where a credit card is not physically presented to a merchant – will cost retailers and financial institutions $7.2 Billion in the United States by the end of 2020.
Those Chip Cards Have a Long Way to Go
My wallet now hides three different computers. But what’s more intriguing—or perplexing or annoying—is how rarely I use the tiny chips in my three principal credit cards that can confirm purchases via an encrypted exchange of data with credit-card terminals in stores. More than six months after a long-heralded milestone that was supposed to make “EMV” a core part of paying with plastic, most of my transactions still entail swiping the card’s magnetic stripe instead of dipping its chip into a point-of-sale terminal.
Hackers Rush to Cash in on $14 Billion in Fraud Before Chip Cards Take Over
In 2016, hacked credit card fraud will reach $4 billion, a record level, and that's just the beginning of a counterintuitive aspect of the nationwide migration away from magnetic strip to chip cards. In the short term, the switch to the chip card technology (known as EMV, which can process credit cards with embedded smart chips) will cause fraud to increase.
Study: CNP fraud to push $7b within 4 years
Fraud will remain a big problem for brands and retailers for the foreseeable future. That is the takeaway from a new report which indicates that fraudulent transactions in which a card isn't presented (Card Not Present, CNP) to a merchant will push to at least $7 billion by 2020.
State of EMV Report: Fraud Rises Before a Fall
The switchover to EMV (Europay, MasterCard, and Visa) chipped credit cards is well underway. According to a new report from research and advisory firm Aite Group, sponsored by device intelligence and fraud prevention company iovation, 81% of credit cards in the U.S. will be EMV capable by the end of 2016. And the increased adoption of the more secure cards is fueling an increase in counterfeit fraud.
Why Apple Pay and Other Mobile Wallets Beat Chip Cards
Mobile payments could be a quicker alternative to chip cards. Some of the biggest tech companies — Apple, Google and Samsung Electronics — released mobile wallet technologies in the last two years, though they are still a niche product. By the end of this year, about 80 percent of all credit cards in the United States should include chips, according to a new report by the iovation and Aite Group.