Global fraud rises again

Figures from this month’s Nilson Report show that global card fraud figures reached $21.84bn in 2015 and is predicted to keep rising. These fraud losses come from a number of sources including counterfeit card fraud, CNP fraud, “friendly” fraud and fraudulent applications.

Ecommerce continues to boom across the world at unforeseen rate. WorldPay recently predicted that global ecommerce figures would hit $2.4tn by 2019. It’s an incredible prediction but if recent history is anything to go by, that figure will no doubt be higher by 2019.

There does then, seem to be a dichotomy in ecommerce. Fraud is growing at a huge rate but it is not impacting on the growth of ecommerce. Consumers are still flocking to laptops and mobile to shop, transact and live their financial lives. It would seem that fraud is not having an impact on the popularity of ecommerce. At least, not yet.

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PSD2 driving strong authentication to the payment ecosystem

The Payment Services Directive (PSD) has been in force in the UK since November 2009 with the sole purpose of regulating the payments industry and increasing consumer protection.

However, if we think back to 2009 – the year in which satellite navigation was implemented in smartphones, when the Apple Store had only just launched and when most phones had physical keyboards – and compare it to today, where we all communicate, play, shop and, especially, pay in very different ways, it is clear that PSD needed to be updated.

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