ACI Report Shows Card Fraud Gets Worse Over Time
If that wasn’t enough, more than one in ten consumers admitted they lack the confidence in their financial institution to protect them against fraud. Payment fraud is a matter more consumers should be concerned about. A new report by ACI shows how nearly one in three consumers has dealt with card fraud over the past five years. There are alarming numbers, even though this is another clear example as to why Bitcoin is entirely different in a positive manner. The report published by ACI is not hinting at a positive future for payment card users around the world. Keeping in mind how almost....
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The European ATM Security Team released a new European Fraud Update for 2016. As part of this report, an interesting picture is painted as to how ATM fraud is evolving in Europe. A total of 23 European countries are represented in this report, and by the look of things, the fraud rates are not going down by much. Bitcoin remains a viable alternative to traditional finance, as digital currency ATMs are not affected by skimming issues for the time being. ATM Fraud Update Reports Shift In Skimming. One particular trend of notice in this new report by EAST is how twenty countries reported....
ACI Worldwide, a Florida-based payment system firm, has released a study which revealed that more than one third of Singaporeans have faced card fraud since 2014. The statistic demonstrates the seriousness of the underlying vulnerabilities discovered in the security systems of credit card operators and credit card networks. Technically, when a credit card purchase is made either online or at a physical location, the private key of the credit card is retrieved by the processing party. That means, the business or person receiving the credit card payment holds the responsibility of storing....
In the end, it goes to show traditional payment methods suffer from a lot of security issues. During the 2016 holiday weekend, global online sales have seen a significant nudge upwards. At the same time, payment card fraud increased by a whopping 20%. Consumer’s financial details are always at risk when dealing with payment cards these days. Bitcoin is a far safer option, as there is no sensitive personal information leaked during the transaction process. The rise in payment fraud during the 2016 holiday shopping season is not surprising. Both Black Friday and Cyber Monday saw an influx of....
In an article published in TopStockAnalysts, analyst Jody Chudley argues that the high cost of credit card fraud will drive many merchants to Bitcoin. And if merchants prefer Bitcoin then consumers will adopt it and, so, the outcome is that a lot of today's Bitcoin startups' stock prices will soar. BitcoinShop.us is, according to the analyst, ideally positioned and here's why. Credit Card Fraud Plagues Retail. A 2009 study by Lexis Nexis shows that US merchants lose about $190 billion per annum to credit card fraud. A recent example involved the online retailer Target who's database was....
Major Banks and credit card companies such as American Express have developed “fraud free” and encrypted chip-enabled cards to cut costs while transferring the burden of fraud compensation onto the merchant. However, many are still unaware that a cheaper and more secure technology already exists. The credit card manufacturers have integrated EMV chips (Europay, MasterCard and Visa) into the credit cards, which create unique payment codes for every transaction. The implementation of the EMV technology disables the duplication of payment credentials to settle other transactions.....