CnP Fraud impact on industry and how to prevent it.
Do you worry about CNP-attacks?
Then it is for good reason! “Card Not Present” attacks have been on a steady climb for years!
CnP fraud is still rising
With a boost in online banking services, CnP fraud has grown to be the largest fraudulent threat in banking industry. A report from Juniper Research states that retailers are to loose $130 BN to CnP fraud in 2018-2023 (increase from previous years). The reason behind the increase being that
1) Fraudsters are getting more sophisticated
2) Businesses slacking in updating their security
Hackers are being more sophisticated by improving their methods , ex. in their ways of eSkimming through 3-party distributors, a campaign that targeted 800+ retailers in 2019 – the biggest incident begin the attack on British Airways that costed them a £183M fine, 380.000 stolen credit-cards and ~50% market value. This graph made by Statista shows the rise of CnP fraud , while Counterfeit is decreasing.
The top 5 industries being hit by CnP fraud is Airlines, Retail, Entertainment, Gambling and Gaming
eSkimming – the spy in your browser:
How can you counter attacks without changing your website significantly (and expensively)?
CodeSealer Connect is a cloud-based security service for your website, that works for you out-of-the-box.
You let your customers connect seamlessly on to your site via CodeSealer Connect and a secured tunnel. Nettiher your customers nor you will see or feel any difference, while CodeSealer Connect adds security to your existing website.
CNP-fraud is leveraged in three ways:
Hackers manage to take over (part of) the web server and injects code, that will run from the server itself, and stealing card details in much the same way as above.
Your customer may be lured to a completely different site that looks like yours and be prompted for card information there.
CodeSealer Connect will not be able to do anything about that. For this you should go to a reputation protection service.
However, this is rarely seen, as this attack type require much more effort from the attacker with significantly less probability of success with somewhat more ease of spotting it – and also due to the existence of reputation protection services.
CodeSealer Connect can mitigate the majority of these attack vectors on an OPEX-like value proposition, likely well within your fraud budget range, not to mention the less measurable effects to your image.