Princeton Junction, N.J., March 22, 2017 – With card-not-present (CNP) fraud a global concern, many countries have deployed various fraud prevention tools to help curb fraud in both online and mobile channels. The U.S. Payments Forum reviews experiences from countries around the world to assist the U.S. payments industry in mitigating CNP fraud in a white paper released today.
The white paper, “Card-Not-Present Fraud around the World,” can be downloaded at https://www.uspaymentsforum.org/cnp-fraud-around-the-world/.
“While many attribute the rise in CNP fraud seen in other countries to the implementation of EMV chip technology, there are other factors, such as the rapid growth of online sales and the fact that fraud prevention tools have not been fully adopted and implemented by all stakeholders, that have contributed to the increase,” said Randy Vanderhoof, director of the U.S. Payments Forum. “This white paper looks at the experiences and lessons learned from other countries that have a similar landscape to the U.S. to provide a foundation for the U.S. payments industry to build out layered, effective and systematic mitigation strategies to reduce CNP fraud.”
The white paper suggests the following recommendations for payments stakeholders in their efforts to mitigate CNP fraud:
- Implement a systematic, layered approach to secure transaction data; no single security mechanism can protect against all possible fraud scenarios
- Address CNP fraud within an EMV migration strategy and consider phasing in these and other security practices as a high-priority business requirement
- Work together as an industry to secure sensitive data elements handled during transaction lifecycles
This white paper is specifically focused on CNP fraud in countries that have migrated or are in the process of migrating to EMV, including Europe/SEPA, the U.K., France, Canada, Australia and the U.S., and discusses the following:
- Perspective on the current status of CNP fraud
- An overview of fraud prevention tools and authentication methods that have been implemented and are useful, such as 3D-Secure and device fingerprinting
- Relevant legislation and its impact on CNP fraud
“Card-Not-Present Fraud around the World” was developed by the U.S. Payments Forum Card-Not-Present Fraud Working Committee. For more information on the Card-Not-Present Fraud Working Committee, visit https://www.uspaymentsforum.org/working-committees-sigs/card-not-present-fraud-working-committee/.
The U.S. Payments Forum will host its next in-person members meeting on March 27-28, 2017 in Orlando, Florida at the Renaissance Orlando at Sea World. In addition to CNP fraud, the meeting will cover other important topics impacting the U.S. payments landscape, including the EMV migration, mobile and contactless payments, transportation payments and more. U.S. Payments Forum members are invited to register here.
About the U.S. Payments Forum
The U.S. Payments Forum is a cross-industry body focused on supporting the introduction and implementation of new and emerging technologies that protect the security of, and enhance opportunities for payment transactions within the U.S. The Forum is the only non-profit organization whose membership includes the whole payments ecosystem, ensuring that all stakeholders have the opportunity to coordinate, cooperate on, and have a voice in the future of the U.S. payments industry.
Contact
Megan Shamas
Montner Tech PR
203-226-9290
[email protected]