Growth in card fraud losses is slowing annually, but with totals set to reach $13.73 billion by 2024, stakeholders aren’t in the clear: Card-not-present (CNP) fraud will continue to skyrocket as fraudsters see an opportunity online and ramp up attacks to seize it. That means issuers and merchants need to rethink prevention strategies.
Key Question: What impact will rising CNP fraud have across the purchasing chain?
KEY STAT: CNP fraud will make up 74.0% of fraud by 2024—up from 57.0% pre-pandemic in 2019—creating new prevention challenges, especially for merchants, who are more liable than other parties for this type of fraud.
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