Author: Staff Writer / Source: MyBroadband.co.za
Sabric has released its Card Fraud 2016 report, which shows that “card not present” (CNP) fraud has grown substantially in recent years.
CNP fraud is when a fraudulent transaction takes place and neither the card nor cardholder are present during the transaction.
Examples of this include ordering goods telephonically or purchasing an item or service via an online retailer.
“CNP fraud is generally concluded with fraudulently-obtained card data and personal information, and sourced by various means,” said Sabric.
The fraud report is based on information supplied by multiple banks – including Barclays, FNB, Standard Bank, and Capitec – from January to December 2016.
The report stated that gross losses from CNP credit card fraud increased by 18.9%, from R210.4m in 2015 to R250.0m in 2016, and contributed 66.8% of the total credit card gross fraud losses in 2016.
“This is the highest level of CNP fraud reported to…
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