As the United States transitions to EMV, POS fraud will grow less lucrative. Higher-security cards will make counterfeiting substantially more difficult, if not impossible. Additionally, any encrypted or tokenized payment information will make data gained from compromised terminals useless for future POS transactions.
Javelin announced its first forecast of the relationship between data breaches and fraud and made predictions of what is to come by 2018. Javelin Strategy & Research released 2015 Data Breach Fraud Impact Report, which explores the type of credentials that fraudsters will want to steal, the type of businesses that are most at risk for a data breach, and the magnitude of identity fraud by 2018.
Criminals will focus on other areas including card-not-present (CNP) fraud, vulnerable merchants that have been slow to transition to EMV terminals and businesses that store Social Security Numbers that will be of significant value in committing new account and account takeover fraud.
Javelin forecasted four years of new account fraud, account takeover, and data breach-linked fraud given the expected EMV implementation. This report drew from a survey of 5,000 respondents’ fraud behaviors and the types of fraud experienced.
For data, background and forecasts on EMV: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).