Card Not Present Fraud is Skyrocketing
August 31, 2022
Financial institutions across the country are experiencing the rise of fraud, particularly in the area of card fraud. As touchless payments and online transactions increase the type of card fraud is switching from primarily card-present fraud to card-not-present (CNP) fraud. This type of fraud is happening to both credit and debit cardholders with over half of Americans having already been victims of digital payment fraud.
How CNP Fraud Attacks Occur
Fraud is occurring at alarming rates when the fraudster does not have the physical card being compromised. Already in 2022, there have been 365,000 reports of card fraud. The bad actors are accessing members’ information through credential stuffing, data breaches, synthetic identity, and payment apps like Venmo and Zelle. Most cardholders have already been victims of multiple fraud attempts but may be unaware as the bad guys know how to test out small amounts of fraudulent transactions in hopes they will go unnoticed.
Tactical Ways to Combat Card Fraud
To outsmart and outmaneuver the bad guys... Read the full article here
Stay Informed with Resources from Allied Solutions: Join our e-newsletter list!
About Allied Solutions
Allied Solutions, LLC is one of the largest providers of insurance, lending, and marketing products to financial institutions in the US. Allied Solutions uses technology-based products and services customized to meet the needs of over 4,000 banks and credit unions, along with a portfolio of innovative products and services from a wide variety of providers. Allied Solutions maintains several offices strategically located across the country and is a subsidiary of Securian Financial Group, Inc.
Content in the blog posts are the opinion and views of the writer, and don't necessarily reflect the opinions or views of Allied Solutions.