America's migration to EMV has crippled some types of card fraud, but the risk of online fraud is on the rise — especially during the holidays — according to new data from the Merchant Risk Council and fraud-technology company Forter.
The indexed findings showed a 79% spike in fraud risk for domestic holiday orders in the fourth quarter of 2016 versus the fourth quarter of 2015, and an 8.9% increase in online fraud attacks for 2016 as a whole.
"Following the October 2015 adoption of EMV (microchip cards) in the United States, Forter's fraud research team was not surprised to have observed a rise in the amount of domestic online fraud attacks," the study said. "Since domestic U.S. fraudsters were most adversely affected by not being able to copy physical cards as easily, it makes sense that these criminals have shifted online, boosting domestic CNP (card not present) fraud."
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