The growth of e-commerce, m-commerce and remote commerce transactions is showing no signs of slowing down. In 2021, over 2.14 billion people worldwide are expected to buy goods and services online, up from 1.32 billion in 2014. The growth of card-not-present (CNP) transactions has driven a new age of consumer convenience but in parallel, a new age of fraud.
As EMV® chip card adoption gathers momentum, with 76.7% of card-present transactions being EMV, fraudsters are looking for an easier way in. And the stats speak for themselves – digital fraud rates now account for 60-70% of all card fraud in many developed countries.
