ATM crime will always exist in one form or another. The European Association for Secure Transactions (EAST)found that in 2016 transaction reversal fraud was up 147% compared to 2015, highlighting how certain types of attacks are becoming more prevalent in some geographical areas.
Governments around the world have joined the battle against money laundering – passing laws that put an end to anonymous banking services and under-the-table money transfers and payments that enable crime and finance terror.
Last year, mobile devices accounted for a third of the total payments on ecommerce retail sites during Thanksgiving and Black Friday sales, making it clear that more people than ever are doing their online shopping via their mobile device.
With the holiday season in full swing, credit card companies anticipate a significant increase in revenue from online shopping. In fact, this year alone retail e-commerce revenues are projected to amount to 94.71 billion U.S. dollars, a 17.2 percent increase from 2015.
An entire industry – card payments acquiring and processing – relies its risk management methodology on chargebacks optimization as its main, if not sole, operational target.
E-commerce sites may never completely replace Main Street stores, but online shopping is growing at a very healthy clip. In 2015, online shoppers in the US spent some $300 billion, and that figure is expected to grow to nearly $500 billion by 2018.
While most people associate cybercriminals with hacking and security breaches, many of them have begun exploiting vulnerabilities in the e-commerce industry as well, using a new scheme called transaction laundering.