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Fraudsters Are Adapting to Chip & Pin Cards—Are You Adapting to Fraudsters?

With the convenience of online transactions comes the serious inconvenience of credit card fraud. This has led financial organizations to increasingly focus on ways to mitigate the rise in fraudster activity.

Banks and online merchants should be aware that while the present transition to “chip and pin” in the United States will likely help reduce some fraudulent activity, it may well create a jump in card-not-present (CNP) fraud.Steve_Williams_resized

After all, fraudsters have proven they are adaptable.

One example of CNP fraud is purchasing an item online using stolen card information—where a physical card is not required to buy something on the Internet. However, today’s banks can help curtail that risk with the right know-how and tools in hand.

Fraudulent events can be accompanied by phone calls from fraudsters into the bank’s contact center—making the contact center a touch point in the fraud process. This provides a new opportunity to help deter CNP fraud. These phone calls—seemingly ordinary and innocuous—can be tough to spot by traditional security questions, because the fraudsters often have already obtained basic account information.

By monitoring the contact center with passive voice biometrics, banks and card issuers can recognize fraudster voices and flag compromised accounts to help interrupt ensuing CNP fraud. That is an opportunity for banks to mitigate growing CNP fraud as credit cards in the U.S. continue their transition to a “chip and pin” structure.

Interested in learning more? On Tuesday, March 8, Verint’s Steve Williams, vice president and global practice leader, identity analytics, will participate in a panel discussion at BAI Payments Connect 2016titled “Combatting Payments Fraud through Enhanced Tools and Technology” at 1:30 p.m. PT. This session will provide attendees with insights into today’s financial services industry trends and challenges, as well as the opportunity to exchange ideas about innovative solutions that can help drive positive change in their organizations.

The post Fraudsters Are Adapting to Chip & Pin Cards—Are You Adapting to Fraudsters? appeared first on Customer Experience Management Blog.

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