UK businesses are being warned that the rollout of EMV (Chip and PIN card protection) in the United States is likely to prompt a major shift in credit card fraud to (Card Not Present) transactions in the UK and Europe.
Monica Eaton-Cardone discusses how to combat CNP fraud and recommends some simple steps that every company can follow to increase risk protection while at the same time enhancing customer satisfaction.
The successful roll-out of EMV across the world suggests that after migration, the US will see substantially reduced instances of point of sale (POS) fraud while at the same time an increase in CNP fraud. Yet with so much commerce now online, this is not just a problem for American retailers. Identifying and following best practice strategies in the UK and Europe are the most effective way for retailers to keep their losses to a minimum.
