Predictions of a post-EMV rise in card not present fraud appeared to be coming true, according to new data.
Fraud attacks on U.S. online merchants rose 11% after the Oct. 1, 2015, EMV liability shift, according to the latest Global Fraud Attack Index from fraud prevention firm Forter and PYMNTS.com. Overall, online fraud attacks (both successful and unsuccessful) spiked 215% for all of 2015. This translated to 27 fraud attacks for every 1,000 online transactions at the end of 2015 compared to only nine per 1,000 at the beginning of 2015.
"What we're seeing in this quarter's index is a disturbing but expected trend," Forter CEO Michael Reitblat said. "Since the October 2015 liability shift and the onset of EMV chip cards in brick and mortar stores, it's clear fraudsters have not retired. Rather, they are flowing into the online world like no other time before."
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