With black Friday behind us, reports of decreased fraud are encouraging to hear. Fraud numbers in the US are not published by regulators, so data from analyst and vendors tend to dominate the stage.
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For the first time in recent years, credit card fraud, which remains the highest fraud type for online retailers, dropped from 59 per cent of total fraud found in the 2016 holiday week to 42 per cent of total fraud found in 2017 based on specific reports received by iovation’s online retail customers.
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This represents a 29 per cent decrease from last year’s four-day holiday weekend and demonstrates that online retailers are making strides in their ability to identify and prevent card-not-present (CNP) fraud which has been on the rise since brick and mortar retailers have increased their adoption of EMV card technologies.
Just like managing your personal health, managing your data security requires a personal commitment and some common sense.
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While currently serving as consumers’ primary means of authentication, passwords frequently fail when it comes to both user experience and security. And despite these shortcomings, vulnerable passwords are firmly ensconced in today’s online experience. Of those surveyed, 60 per cent of consumers say they are not changing their passwords regularly (less than every 6 – 12 months) and of greater concern, close to 70 per cent of consumers say they use the same password across multiple sites, meaning that a hacker can easily take over multiple consumer accounts with just a single compromised credential.
The fraud numbers are encouraging, in the endless battle to control fraud. It is everyone’s responsibilty.
Overview by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group
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