Data released by The South African Banking Risk Information Centre (SABRIC) showed that 66.8% of credit card fraud relating to South African issued credit cards falls in the category card-not-present (CNP) fraud. This is an increase of almost 20% over the last 12 months.
CNP fraud is where fraudulent transactions occur without the card or the cardholder being present during the transaction. Cards used to commit CNP fraud are typically obtained during data breaches, with compromised eCommerce websites often times being the culprit.
These types of stats should come as no surprise. Foregenix recently scanned 60,000 Magento eCommerce websites which revealed 78% were missing critical security patches. You can read more about the survey conducted by Foregenix here:
Industry statistics indicate that credit card related Card Not Present (CNP) fraud accounts for 66.8% of the losses relating to SA issued credit cards.