It's no surprise that card fraud has seen an increase - it's frequently mentioned in several studies that online and offline fraud is continuing to see growth Worldwide.
The true question is how are we able to mitigate this steam train of fraud across the World?
The EMV rollout, even though being accelerated throughout the US, has shown little sign of solving the problem so far. More needs to be done to harness EMV technology, which although taking a large chunk of the budget away from organisations, should go some way towards aiding the cyber security efforts.
More emphasis can then be put on Point-to-Point Encryption (P2PE) Applications and Solutions. Throughout Europe, it's becoming the norm for Merchants to expect P2PE Certified Solutions from their Payment Service Providers. This reflects in the figures, with Europe experiencing much less card fraud.
Read more about P2PE
The rate of card fraud is rising around the world despite innovations in fraud prevention and adoption of the EMV standard, according to a new report. The report, Global Consumers: Losing Confidence in the Battle Against Fraud, was conducted by ACI Worldwide and the Aite Group and surveyed over 6,000 consumers across 20 countries. It found that just under 30% of respondents have experienced card fraud in the last five years. The fraud is defined as unauthorised activity on the three types of card (debit, credit, prepaid). Just under 20% (17%) have had multiple incidents of fraud in 2016 compared to 13% in 2014.