Online Credit Card Fraud up 20% Black Friday to Cyber Monday
iovation released new data that shows card-not-present fraud increased significantly from Black Friday to Cyber Monday 2016 when compared to the same period in past years. Research shows a 20 percent increase in online retail credit card fraud during the 2016 holiday shopping weekend when compared to the same period in 2015, and a 34 percent increase in online credit card fraud from Black Friday to Cyber Monday 2014 to 2016.
Holiday Weekend Online Payment Card Fraud 20% Higher In 2016
In the face of EMV chips, criminals turned online to commit card-not-present fraud this Black Friday and Cyber Monday. Online retail credit card fraud between Black Friday to Cyber Monday was 20% higher in 2016 than 2015, according to a new study by iovation. Online fraud this holiday weekend was a 34% jump over 2014.
iovation: Online Credit Card Fraud Jumped Over Holiday Weekend
Portland-based fraud prevention and multifactor authentication vendor iovation said this week that online credit card fraud jumped 20% during the holiday shopping weekend from Black Friday to Cyber Monday, compared to the company's same numbers from last year.
Record-Setting Fraud Due to Online Credit Card Transactions
It was a record-setting holiday shopping weekend. Cyber Monday turned out to be the biggest day in e-commerce history, with $3.4 billion spent. But along with those record setting dollars, experts say it was also a time for record-setting fraud. Portland based anti-fraud company iovation tracked tens of millions of online transaction and said the numbers are staggering.
Online Retail Credit Card Fraud Spikes over Busy Weekend
Results of research published by iovation, a provider of device intelligence for authentication and fraud prevention, show online retail credit card fraud jumps by 20 percent over the post-Thanksgiving shopping weekend, while more than half of all online transactions were enacted from mobile devices.
MasterCard Debuts Fraud Prevention Technology
Credit cards were implicated in 59% of all fraudulent online transactions for the period stretching from Black Friday through Cyber Monday, up from 49% for the same period last year and from 44% in 2014, according to data from iovation, a device-authentication company. Still, fraudulent traffic overall for the period dropped to 0.38% of online transactions from 1.16% last year and 2.34% in 2014.
Reports Indicate 2016 Could Be A Fraudulent Holiday
Retailers need to be prepped for fraudulent activity, both online and offline. That, according to two new reports, which suggests that with delays in EMV adoption and new fraud schemes, the 2016 holidays could be fraud-filled for many merchants. First, iovation's experts predict a big bump in 'card not present' (CNP) schemes through the Thanksgiving weekend.
Group Authentication Made Possible Through iovation Patent
iovation, a provider of device-based solutions for authentication and fraud prevention, has secured a patent entitled “Systems and Methods for Group Authentication.” The group authentication patent enables multiple parties in different locations to approve a transaction with their mobile devices. This can be accomplished through multiple device authentication methods like biometric fingerprint scan, verification of a PIN or pattern code, or geofencing.
EMV to Lead to Online Holiday Fraud Hike?
Device intelligence provider iovation is predicting a strong increase in card-not-present fraud during one of the busiest shopping periods of the year. With the shift to EMV-chipped cards and the growing popularity of contactless payment methods, the company fears increased fraud from Black Friday to Cyber Monday compared with past years.
iovation Secures Group Authentication Patent
iovation has announced it has secured a patent entitled “Systems and Methods for Group Authentication.” The group authentication patent enables multiple parties in different locations to approve a transaction with their mobile devices. The patent builds upon the company’s recently launched iovation LaunchKey MFA solution.