New Research Shows the Increase in EMV Card Chip Technology Adoption has Drastically Increased Online FraudBusinessWire
The March edition of the Digital Identity Tracker, a forum for framing and addressing key issues and trends in fraud and identity protection, surfaces several new data points that speak to the evolution in the market. With the addition of 9 new player profiles — now totaling 110 companies – platforms are categorized by four key digital identity capability areas: generate, store, secure, and interact.
The onset of the Europay, MasterCard and Visa (EMV) chip technology standard is one of the top trends in the market. This month’s Tracker details that online fraud has seen an 80-100% increase, according to a Trustdev survey of consumer behavior after the EMV shift.
“Fraudsters have been able to stay one step ahead,” said Karen Webster, CEO of PYMNTS.com. “Payments and ecommerce executives have been committed to take advantage of the tools and platforms available to verify consumer identity online. The Digital Identity Tracker is an indispensable resource for staying ahead of this constantly-evolving market.”
Other highlights from the survey include:
- Only 1.1% of consumers indicated the use of mobile payments – widely considered to be the best defense against fraudsters – as the payment method most often used to pay for purchases.
- Total revenues lost from eCommerce transactions due to fraud nearly doubled from 2014(0.68%) to 2015(1.32%)
- There is a 15% year-over-year increase of money spent online
“The ability to trust in digital identity lies at the nexus of everything we do online,” said Sunil Madhu, CEO and founder of Socure. “PYMNTS.com provides a resource that helps institutions sort through the plethora of vendors and solutions, to understand which offerings can best address their need to accept more new consumers, reduce fraud and comply with regulations.”
To view the full Digital Identity Tracker for March 2016, click: http://www.pymnts.com/digital-identity-tracker/
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PYMNTS.com is reinventing the way in which companies in payments share relevant information about the initiatives that shape the future of payments and commerce and make news. This powerful B2B platform is the No. 1 site for the payments and broader commerce ecosystem by trafﬁc and the premier source of information about “what’s next” in payments. C-suite and VP level executives turn to it daily for these insights, making the PYMNTS.com audience the most valuable in the industry. It provides an interactive platform for companies to demonstrate thought leadership, popularize products and, most importantly, capture the mindshare of global decision-makers. PYMNTS.com... where the best minds and best content meet on the Web to learn “what’s next” in payments and commerce
Socure is the leader in digital identity verification. Its technology applies machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, social media and the broader Internet to authenticate identities in real-time. Socure bolsters CIP/KYC programs and AML/OFAC compliance for enterprises in the US, and powers financial inclusion verifying identities in over 180 countries, helping them to combat identity fraud, increase consumer acceptance, and to reduce compliance and manual review costs. Socure was founded in 2012 and is based in New York City.
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