While fraud can take place either in a store or online, it’s been proven that the risk is significantly greater in Card Not Present (CNP) transactions.
With more and more customers now buying online, fraud risks surrounding e-commerce will grow. Smaller merchants will be at particular risk, and midsize vendors may have limited, if any, anti-fraud solutions in place on their websites and online stores as they rush to get a slice of lucrative ecommerce profits.
Complexities around the fraud issue have been driven by international shoppers, new devices and legitimate consumers using privacy technology to hide their identity. The time to adopt ever more stringent and innovative fraud solutions is now. Visual ID software like Netverify effectively puts the customer back into card not present situations and significantly reduces the risk of fraud.
As the ecommerce sector continues its exponential growth, Jumio will be on hand to combat the increase in fraud.