Cross-channel the new fraud
The Ragtrader reported that new research indicates that retailers, both online and off, are falling behind when it comes to payment security, with Card-Not-Present (CNP) fraud to cost the industry $130 billion in the next four years. The report revealed that cybercriminals are looking to make cross-channel the new fraud. For instance, larger retailers reported 1,525 fraud attempts per month in 2018, which was up 43 percent year-on-year. In comparison, smaller players only reported an average of 249 fraud attempts in 2018. However, this still represented an 11 percent increase in prevalence YOY. We've repeatedly commented that a cybercrime-enabled loss prevention function has become essential to retail operations in the Digital Age.