Fighting Online Card Fraud: Keeping Member Data Safe in Cyberspace
As fraudsters increasingly target e-commerce, you and your members can work together to fight back.
By CO-OP Financial Services|December 15, 2015 at 07:00 PM
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By any measure, e-commerce is a fast-growing industry. In fact, Forbes.com reported that the U.S. e-commerce sector is growing at more than 14% annually, handily eclipsing economic growth in this country. And while Americans are increasingly shopping online, fraud related to these transactions is also on the rise.
Consider a recent Javelin Strategy & Research study published by CIO-Today.com, which predicted online fraud in the U.S. will reach $19 billion by 2018. This estimate is almost double the $10 billion figure the firm reported for 2014.
“Many experts in the industry are speculating that the nationwide migration to EMV credit and debit cards is accelerating this alarming trend in online fraud,” said Amy MacMullen, senior product manager for CO-OP Financial Services. “The theory is that because fraudsters can no longer easily create counterfeit cards, they will shift their focus instead to card-not-present transactions. Whether or not this is the case, the fact remains that consumers are increasingly purchasing online, a dynamic that presents security challenges for credit unions and their members.”
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