Did you know? October is Cybersecurity Awareness Month. In the financial ecosystem, there's no real need for this regular reminder as data security is always at top of mind for FIs. But a refresher never hurts.
As part of the ABA Cybersecurity Awareness Webinar Series, Rippleshot Co-Founder Canh Tran was the featured speaker in a webinar titled "State of Card Fraud 2018," on Wednesday, Oct. 17. As we head into the holiday season — when card fraud will likely see an another surge — catch this year's prominent fraud trends and how much they're costing banks. Tran shares Rippleshot’s yearly fraud trend data, insights and what’s next.
Catch the full ABA Webinar here.
Tran digs into card fraud trends, major data breaches over the past six years, and defines the card fraud trends that are defining 2018. This includes his insight into:
- ID fraud
- Application fraud
- Account takeover fraud
- Synthetic fraud
- CNP Fraud
- Debut card fraud
- ATM/Gas station skimming
- First-party fraud (friendly fraud)
- Fallback charges
Tran shared his thoughts on the factors behind the card fraud trends and how it’s shifted in recent years. He shared industry-wide data on CNP vs. POS fraud and how credit, debit and prepaid card fraud is evolving. To help FIs see where they stack up in the industry, Tran also detailed Rippleshot’s internal data analysis of bank card fraud in basis points — broken down by asset size.
Rippleshot releases an annual State of Card Fraud report. Click the following links to find our 2016 report and 2017 report. In the webinar, Tran shared how Rippleshot’s predictions turned out the past two years, and provided insight into what we predict for the remainder of 2018.
Stay tuned next week for our full State of Card Fraud 2018 report.