Merchants could lose $71 billion to card-not-present fraud over the next five years, and North America, the Far East and China will soon account for 80% of that fraud, according to new data from Juniper Research.
The U.S. shift to EMV cards and delays in 3D-Secure are big reasons for the rise, the company said.
"Many merchants still perceive combatting fraud as too expensive. Consequently, they have been ill-prepared to deal with the shift to online fraud following the introduction of EMV (CHIP and signature) payment cards in the USA," it noted in a press release about the findings.
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