In fact, many of us would argue that the figures could be even higher.
What the report does demonstrate is the fact that banks are already preventing numerous illegal transactions totalling something over GB pound 210 million. This is a considerable achievement, and highlights that the various authentication systems and procedures already in place are having an effective impact in reducing Card Not Present crime.
On a more general level, the report reiterates the importance of implementing robust, multi-factor authentication technology to protect consumers and businesses against such theft.
As the number of Card Not Present transactions increases, so will the number of criminal elements in operation. They’ll become more sophisticated in their efforts to defraud. That being the case, it’s vital that the solutions deployed by the financial sector continually evolve to offer the appropriate levels of security.
