This week, PYMNTS, in collaboration with Socure, released the March edition of the PYMNTS.com Digital Identity TrackerTM, featuring all new research surrounding the increase in online fraud fueled by the increase in EMV card chip tech adoption.
The Digital Identity Tracker, a forum for framing and addressing key issues and trends in fraud and identity protection, surfaces several new data points that speak to the evolution in the market. With the addition of 9 new player profiles — now totaling 110 companies – platforms are categorized by four key digital identity capability areas: generate, store, secure and interact.
The onset of the Europay, MasterCard and Visa (EMV) chip technology standard is one of the top trends in the market. This month’s Tracker details that online fraud has seen an 80-100% increase, according to a Trustdev survey of consumer behavior after the EMV shift.
“Fraudsters have been able to stay one step ahead,” said Karen Webster, CEO of PYMNTS.com. “Payments and eCommerce executives have been committed to take advantage of the tools and platforms available to verify consumer identity online. The Digital Identity Tracker is an indispensable resource for finding out staying ahead of this constantly-evolving market.”
Other highlights from the survey include:
- Only 1.1% of consumers indicated the use of mobile payments – widely considered to be the best defense against fraudsters – as the payment method most often used to pay for purchases.
- Total revenues lost from eCommerce transactions due to fraud nearly doubled from 2014 (0.68%) to 2015 (1.32%)
- There is a 15% year-over-year increase of money spent online
“The ability to trust in digital identity lies at the nexus of everything we do online,” said Sunil Madhu, CEO and founder of Socure. “PYMNTS.com provides a resource that helps institutions sort through the plethora of vendors and solutions, to understand which offerings can best address their need to accept more new consumers, reduce fraud and comply with regulations.”
To view the full Digital Identity Tracker for March 2016, click here.