Apparel Industry the Most Vulnerable Sector for Fraud Attacks
Forter, a fraud prevention company, said that online fraud attacks grew 8.9% in 2016 and early 2017 compared to 2015, a reduction from the 2015 increase when significant fraud moved from point of sale (POS) to online. The report was conducted in conjunction with the Merchant Risk Council.
Following the October 2015 adoption of EMV (microchip cards) in the United States, Forter's fraud research team said it was not surprised to have observed a rise in the amount of domestic online fraud attacks. "Since domestic US fraudsters were most adversely affected by not being able to copy physical cards as easily, it makes sense that these criminals have shifted online, boosting domestic CNP (card not present) fraud," the study said.