New EMV Chip Cards Will Lead to Significant Increase in Online Holiday Fraud
One cyber company is predicting a significant increase in card-not-present fraud—fraudulent transactions where a credit card is not physically presented to a merchant—from Black Friday to Cyber Monday when compared to past years.
iovation attributes the anticipated rise in fraud to the recent shift from consumers using traditional credit and debit cards with magnetic strips to EMV (Europay, MasterCard, and Visa) chipped cards.