|
Risk in Review: The Card-Fraud Horizon |
|
|
|
Now that that the pressure of the holiday retail season is in the rearview mirror, those who toil in the back office looking for (and intercepting) persistent—and sometimes ingenious—attempts at card fraud can take stock.
As always, there is good and bad news. Fraud attempts are still with us, of course, but consistent vigilance and an ever-increasing degree of cooperation and communication among the payments industry’s fraud experts are doing a better-than-ever job of minimizing the number and size of such incidents.
Fraudulent transactions held steady in 2007 at about 2 percent of the total, the same as in 2006, according to Celent Communications, a banking industry consulting firm based in Boston. Most of that fraud originates from lost or stolen cards (48 percent), but identity theft (15 percent), skimming and cloning scams (14 percent), and counterfeiting (12 percent) still account for significant amounts of fraud.
Download the full PDF
|
Online Issues 
