Fraudsters rapidly evolve their tactics as they look for the path of least resistance.
Unfortunately, traditional fraud prevention methods tend to be reactive as opposed to proactive, which means business is playing catch-up. As fraud prevention solutions become more sophisticated, so do the fraudsters. In 2015, EMV chips were mandated on credit cards as credit card fraud was continuously rising. Then in 2016, we saw a sharp uptick in card-not-present (CNP) fraud as fraud shifted to online channels. By 2018, fraud prevention solution providers closed most CNP fraud opportunities, so fraudsters turned to account takeover (ATO) as a more effective channel to commit fraud.