U.S. EMV chip card adoption, starting in 2015, helped trigger a migration to other fraud types such as identity and card-not-present transaction scams, as well as so-called sleeper fraud and account takeover.
The Global Fraud Index shows a 62% rise in online fraud from third quarter 2015, and 39% between first and second quarter of 2016.
"The prediction the years before was that the fraud would move to digital. There was a precedent for that, it happened in other countries," Mike Lynch, chief strategy officer of Boston-based device authentication and intelligence firm InAuth, said.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
