US Businesses To Lose $7.2 Billion Annually To CNP Fraud By 2020

1Based on a report made by consultancy Aite Group and commissioned by antifraud technology provider iovation, CNP fraud losses in the US will count for $7.2 billion per year by the end of 2020.A more recent report shows account takeover fraud will make up another $1 billion in losses.

CNP Fraud

The issuance of chip-enabled payment cards in the US is believed to significantlyaffect both CNP fraud and account takeover fraud. The thing is that criminals try to find easier ways to monetize stolen information and data.

According to the above-mentioned report, counterfeit fraud at the point-of-sale will go down from $4.5 billion in 2016to less than $1 billion in 2020. Take into account thatalmost all cardholders are expected have chip cards in hand in 2020. CNP fraud will eventually grow as it happened in Canada, the UK, Australia, and other countries that adopted EMV payment cards.

Merchants interested in running an online business should turn to a reliable payment processor like eMerchantBroker to get the best for their business needs. EMB is a reputable high risk processor that offers safe and secure payment gateways and top merchant account services to any business. With, EMB, you can be sure to get unmatched protection from payment processing fraud.

US eCommerce Market

Julie Conroy, research director at Aite Group, highlighted the following factors that will cause increase in CNP fraud in the US with the migration to EMV:

  • The combination of continued strong growth in eCommerce
  • Ready availability of consumer data and credentials in the underweb
  • Disappearing counterfeit fraud opportunity

Nowadays, takeover fraud is a major threat to insurance companies,retailers, and other merchants. The thing is that it is difficult to detect because either value stored in the account or a card on file are being used to look like making legitimate purchases.

To get the best protection from payment processing fraud, turn to eMerchantBroker. If you are interested in checks, eMerchantBroker.com offers the following check processing services:

  • eCheck
  • Checks by Phone
  • Checks-by-Web
  • Paper Guarantee

Conroy further notes that card-not-present fraud is already increasing. She believes financial institutions and merchants must focus on technologies that can help them detect fraud, simultaneously maintaining a delightful user experience.

Optimize Your Company’s Level Of Success With These Simple Strategies

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If you want your company to thrive and expand, you need a game plan. Luckily, there are multiple strategies you can begin using to ensure that your business attains more industry authority and an ever-expanding base of loyal clients. Here are just three of many success strategies you should start implementing right now:

1. Update Your Equipment.

One great way to ensure that your company remains on the path to more and more success is by updating your equipment. This technique is important because it ensures that all of your commercial machines and devices are functioning optimally, thereby accelerating the completion of daily tasks. Regularly updating your equipment also decreases the likelihood of on-site injuries. In the event that your company makes use of cranes, you can obtain new parts from organizations like ProservCrane. You can obtain more information about the company by visiting their website at www.proservcrane.com.

2. Develop A Strategic Plan.

Another technique you can employ to optimize your business is the development of a strategic plan. This approach will empower you to attain a clear understanding of your business vision as well as the steps you will take to realize all of the company goals. There are numerous elements that you may want to include in your company’s strategic plan, and some of them include:

• SWOT (Strengths, Weaknesses, Opportunities, and Threats) list
• Budget
• Company Mission Statement

3. Enhance Connectivity.

Your ability to build a bigger base of customers and turn new clients into loyal buyers is in large part contingent upon whether you maintain active, meaningful communication with them. This process is referred to as connectivity. There are numerous techniques you can employ to optimize connectivity with your clients, and one of them includes developing a strong online presence. This objective can be realized through the implementation of multiple digital strategies, including:

• Link Building
• Web Design And Development
• Target Market Research
• Social Media Optimization
• Keyword Analysis
• Online Reputation Management
• Responsive Web Design

Don’t Delay: Make Your Company More Successful Today!

Business owners who are serious about optimizing their company’s profitability and power should know that systematically implementing proven growth strategies is a great way to realize the goal. Some of the business-building techniques that can help optimize your company’s level of success include updating your equipment, developing a strategic plan, and optimizing connectivity with your target market.