In 2020 alone, Outseer 3-D Secure protected nearly 1.2 billion transactions, saving our customers as much as $1.6(USD) billion in potential fraud loss.īut that’s just for starters. Higher transaction approval rates, which make for happier cardholders-and more interchange fees for issuers.Lower cart abandonment rates and fewer interruptions to legitimate sales, both of which contribute to rising revenue.More “top-of-wallet” loyalty as customers increasingly use those cards for payments-resulting in revenue increases for banks and card networks.Organizations that have migrated to our solution also report significant topline improvements, including: Not only is that the best performance in the industry, but it also goes unnoticed by legitimate cardholders, who enjoy a fast, friendly, and secure online transaction experience.
Only 5% of transactions ever require step-up intervention. With predictive scoring from the Outseer Risk Engine and shared intel from the Outseer Global Data Network, Outseer 3-D Secure transparently evaluates each transaction in real time to prevent 95% of all CNP fraud. Outseer 3-D Secure is an Access Control Server (ACS) for credit and debit card issuers and processers. Taking down phishing sites before they harm your brand.Leveraging firewall rules to limit exposure to risky transactions.Keeping websites and online tools updated.
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How to Prevent CNP Fraudĭetecting and preventing CNP fraud is crucial to card issuers and payment processors, who bear the financial burden of bad transactions. This can also occur at restaurants where dishonest employees hand-copy credit card information before processing your transaction.īut by far the most common way fraudsters obtain stolen credit card information is via Dark Web marketplaces where the card and other personal information is harvested from data breaches. Less commonly, dishonest employees can carry out CNP fraud, especially when taking credit card information over the phone. These phishing campaigns are usually spread via email, but they can also spread through text messages, fraudulent social media pages and rogue mobile apps. How CNP Fraud WorksĬNP fraud often occurs through online phishing scams, where criminals create malicious clones of real websites that steal customer information. With no signs of slowing down, knowing how CNP fraud works is vital to understanding how to stop it without creating friction for legitimate transactions. In practice, however, this can create friction that can lead impatient consumers to abandon the purchase, never to return.Īs it stands now, as much as 88% of online shopping orders are abandoned. To mitigate this threat, financial services organizations, credit card companies, and others are layering in new defenses against CNP fraud, but with varying success.įor instance, confirming CNP transactions with the customer via text message has been a growing trend, especially when the amount being transacted is unusually high. It’s estimated that CNP fraud will cost retailers $130 billion during the five-year between 20. CNP Fraud: A Growing ProblemĬNP fraud has risen sharply during the ecommerce boom triggered by the COVID-19 pandemic. The potential for this form of fraud exists any time transactions are facilitated without having to present a physical card to a merchant in person. Card Not Present (CNP) fraud occurs when a bad actor makes unauthorized purchases using stolen credit card information.