Using Technology to Protect Cards From E-commerce Fraud

Card-not-present fraud remains prevalent.

One of the many consequences of the COVID-19 pandemic has been a dramatic increase in online shopping and purchasing. Unsurprisingly, this was followed by a large jump in card-not-present (CNP) fraud attempts, actual fraud and false positive declines at checkout. Making matters even more urgent, pre-pandemic fraud was already increasing – in 2019 alone there were over 7,000 data breaches, according to Risk Based Security as reported in CB Insights’ “2020 Cyber Defenders” report. The time to adopt a CNP fraud prevention solution is now.

Credit unions are in the best position to take a leadership role in offering new fraud prevention technology. Some of the primary reasons why people join credit unions is because they know member-focused institutions understand their needs and are more likely to research and adopt technologies that directly benefit them.