In a recent WSJ/NBC poll, 45% of Americans who were polled said they have been notified over the past year that their payment information was stolen in a data breach.This is very scary statistic, and has the potential to get even higher and higher as cyberattacks get more sophisticated and move towards attacking online transactions.
As EMV becomes more popular in the US, with retailers getting forced into updating their point-of-sale terminals by October 2015 -- when fraud liability shifts from the financial institutions to the merchants if they are not EMV compliant -- the theory is data breaches will go down tremendously or be very limited in sale.
But fraudsters need somewhere to go, and with retail payments becoming more secure, they’ve turned to online transactions.
Americans are more worried than ever about online fraud, according to the poll. The WSJ wrote that 15% of customers surveyed have been victims of online cyberattacks or fraud, up from 11% when Gallup asked the same question four years ago.
As EMV starts to be commonplace in the US, we expect online fraud to grow dramatically -- unless merchants are smart and add defenses ahead of time.