Global Risk Technologies™, a chargeback compliance technology company, has urged caution among online merchants following recent plans from the European Commission (EC).
The EC has launched 16 proposals, to be implemented by the end of 2016, aiming to eliminate barriers to online trade and help stimulate ecommerce across the continent.
In the UK alone in 2014, card-not-present fraud topped GBP 330 million. CNP fraud is also affecting a higher number of transactions, affecting over one million in 2014. If the US rollout of EMV follows the trend of other countries and drives more fraudsters online, the risk for online merchants will rise again.
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