Fraud Up, Faith in Identity down - New report from European Central Bank.

Posted by Pat Phelan on February 26, 2014

The European Central Bank has just released their third report on credit card fraud [PDF] and its not pretty reading for those carrying plastic.

  • Fraudulent transactions on credit cards increased by nearly 15% year on year.
  • 60% of all credit card fraud resulted from Card Not Present(CNP) transactions, basically transactions via the internet.
  • CNP fraud was up across the board; nearly €800m in losses in 2012, up 21.1% since 2011

In good news for customers of Trustev, the primary finding of the report was that the industry should move away from the simple reliance of PINs and other similar mechanisms as proof of identity and look to other methods to confirm and validate the identity of customers.

Doing business online is all about trusting who you're doing business with. That's what Trustev is here to help you with.

Topics: fraud, Identity