For those of you who sell goods online, you may want to consider increasing your fraud security measures. Why do we say that? “Sophisticated online fraud rings are expected to flourish in the next few years, even as the U.S. switches to credit cards embedded with anti-fraud computer chips”, says an article recently published by Tony Mecia. The deadline for retailers and card issuers to adopt EMV technology is October 2015.

The article goes on to explain, “as the ability to use counterfeit cards in stores dries up, fraudsters are expected to turn to other forms of fraud that prey on different vulnerabilities. At the top of the list, payment security experts say, is using stolen card numbers to buy stuff from the Internet. If counterfeiting physical cards is more trouble, criminals will naturally turn to buying items online with stolen credit card numbers. That’s been the pattern elsewhere, says Justin McDonald of The Fraud Practice, an anti-fraud consulting company.”

“For U.S. retailers, the coming wave of online fraud means they will need to improve controls to ensure that they know that their customers are authentic. This often involves new risk-management technologies and additional security questions or passwords, says Julie Conroy, research director with Aite Group.”

Is your online business ready?

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