Thursday, December 1, 2016

Iovation: Online Credit Card Fraud Jumped Over Holiday Weekend

Portland-based Iovation said this week that online credit card fraud jumped 20% during the holiday shopping weekend from Black Friday to Cyber Monday, compared to the company's same numbers from last year. iovation speculated the increase in online credit card fraud to the recent shift to "chip" cards in retail locations, which have made it significantly harder to commit credit card fraud in person. According to iovation, the move appears to indicate that fraudsters are turning online to defeat the use of EMV (Europay, MasterCard, and Visa) chipped cards, which replaces traditional credit and debit cards with magnetic strips.