Credit card transactions are the single largest source of payment fraud in the eCommerce industry. While financial institutions across Europe have issued EMV chip cards to reduce fraud at brick and mortar stores, the U.S. is lagging at implementing such solutions. As a result, identity thieves find the American market more accessible to carry out fraudulent transactions.
The scope and complexity of eCommerce fraud has become frightening, and this is making it more difficult for organizations to combat. Identity fraud, chargebacks and fraudulent transactions are more than a threat. They are now a day-to-day reality. Online retailers must do everything they can to prevent these types of transactions from occurring.