Rippleshot Blog

Card Fraud Trends: 6 Resources for Banks and Credit Unions

Posted by Anna Kragie on Apr 12, 2019 1:29:48 PM

Keeping up with card fraud means anticipating what's going to be the next big problem. Understanding patterns and trends are a core component of this puzzle. Of course, that's why a fraud analytics platform like Rippleshot exists. But the Rippleshot team is also here to be your resource for keeping up with the latest trends in card fraud and understanding how they're evolving.

To keep you updated with what you should know, we've gathered a list of six resources worth bookmarking when you're looking to learn the answers to what's motivating fraudsters this season and what's likely going to be the next big trend that banks and credit unions must monitor. Check back weekly for new reports on trends that are impacting the payment fraud ecosystem. 

FED REPORT SHARES DATA ON ISSUER DEBIT CARD FRAUD LOSSES

The latest report from the Federal Reserve Board of Governors provides insight into how card fraud trends are impacting issuers, specifically related to debit and prepaid card fraud losses. The latest report, issued March 21, compiled the latest available data on interchange fee revenue and issuer fraud losses as it relates to debit transactions to provide FIs with an overall outlook into how fraud patterns are shifting and how EMV chip card adoption is impacting counterfeit card fraud. LEARN MORE. 

JAVELIN: FRAUDSTERS TARGETING MOBILE ACCOUNT TAKEOVER, NEW ACCOUNT FRAUD 

In the last quarter of 2018, Rippleshot’s State of Card Fraud highlighted account takeover fraud as a rising trend for financial institutions to watch. We predicted it would define one of the major hurdles for FIs. The latest report from Javelin Strategy & Research provides deeper insight into how that problem is evolving. The 2019 Identity Fraud Study, released this month by Javelin, indicates existing card fraud losses from $6.4 billion from the $8.1 billion seen in 2017. LEARN MORE.

2019 DATA BREACH INDUSTRY FORECAST

Fraud patterns are shifting as fraudsters look for new ways to monetize data through more targeted, wide-reaching attacks that gathers more personal information in each sweep. Less breaches, but bigger impact — that was the story of 2018. What the Identity Theft Resource Center’s report detailed about 2018 was that the number of personal records exposed more than doubled in 2018. Exposed PII records rose 126%. To be more specific, this was a sharp increase from 197,612,748 records exposed to 446,515,334 records exposed. LEARN MORE.

ITRC DATA BREACH ANNUAL REPORT

The biggest takeaway from ITRC's 2018 data breach report is the fact that data breaches were actually down. This bright spot in the report, however, was balanced out by the reality that all organizations must grapple with: The number of personal records exposed more than doubled in 2018. Exposed PII records rose 126%. To be more specific, this was a sharp increase from 197,612,748 records exposed to 446,515,334 records exposed. READ MORE.

2018 State of Card Fraud

Our annual State of Card Fraud report on't help you directly combat the rise of data breaches, but it is packed with droves of stats and insights to arm FIs with a greater understanding of how the problem is changing, what's contributing to these changes and what we predict will define 2018's card fraud story. We also share our newly released data points on how much card fraud is costing FIs, and our own curated benchmark insights into what others in the industry fear most when it comes to managing card fraud, reissuance costs and customer impact. LEARN MORE.

INSIDE SYNTHETIC FRAUD: A DEEP DIVE

What exactly is synthetic fraud — and why is it becoming such a costly headache for financial institutions? Financial institutions are finding it increasingly harder to crack down, and a rise in data breaches is only going to make the problem worse before it gets better. Catch the latest synthetic fraud data and what the experts are saying on the subject.. LEARN MORE. 

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