Following the news about the research from the New Forter-Merchant Research Council shows that the EMV chips in credit cards are pushing fraud online. The new study shows online fraud up by 8.9% in 2016 with apparel retailers and food delivery businesses hit the hardest. Robert Capps, VP of Business Development for NuData Security commented below.
Robert Capps, VP of Business Development at NuData Security:
“Over the 2016 holiday season, NuData saw a 400 percent increase in sophisticated automation and scripting targeting large retail merchants. These attacks were caught by NuDetect and had they been successful, would almost certainly have culminated into new account fraud (NAF) and account takeover (ATO) attacks. NAF and ATO attacks against merchants frequently involve complex reshipping, reselling, and loyalty/rewards fraud schemes. These fraudsters target online retailers and purchase shippable goods using the compromised accounts, after which the products are resold through online auction sites and retail marketplaces. The fraud case against a Georgia couple is an example of how such an attack can occur.”