Company
Date Published
Author
Savannah Copland
Word count
1543
Language
English
Hacker News points
None

Summary

The rise of online shopping has introduced convenience but also increased the risk of credit card fraud, particularly Card Not Present (CNP) fraud, which is a major challenge for online businesses due to its difficulty in real-time detection. CNP fraud occurs when scammers illegally obtain credit card details and use them for online or phone purchases, posing a significant threat, as it is projected to be worth nearly $35 billion globally in 2022. Preventing CNP fraud involves several strategies, such as collecting and enriching customer information to identify unusual transaction behaviors, following best data protection practices, and implementing extra authentication measures. Businesses are encouraged to utilize risk scorecards and leverage software solutions to differentiate themselves by effectively reducing scams and protecting customer information, thereby enhancing their reputation and customer trust. Tools like Fingerprint can assist businesses in establishing robust CNP fraud prevention measures, which are becoming essential as cybersecurity awareness grows.