Hackers Still Hard at Work - Legal News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Legal » Hackers Still Hard at Work

Hackers Still Hard at Work

Add to Favorites:
Hackers Still Hard at Work
May
26

Shopping online or with mobile devices is gaining popularity with consumers, whether they are looking for trending fashion gear or are making summertime travel plans. Yet fraudsters are also hard at work looking for ways to cash in on this trend, according to a new study by Experian, showing that there was a 33% upswing in e-commerce fraud in 2016.

This increased migration of hackers to online platforms may be partially driven by the conversion to EMV chip-based technology by credit and debit card issuers and merchants in order to thwart cyber criminals at the register. “One of the major drivers for the increase in fraud attacks is the continued adoption of EMV terminals for chip-and-pin credit cards. While these cards reduced counterfeit credit card fraud at the point-of-sale, they have driven fraudsters online,” said Adam Fingersh, Experian general manager and senior vice president of Fraud and Identity Solutions.

“This pattern is similar to what other EMV markets saw when transitioning to chip-and-pin cards. As more compromised data becomes available from breaches, it’s easier for fraudsters to get their hands on identity data requiring consumers and businesses to stay diligent in protecting themselves,” he said.

The states with the most fraud

In the 2016 E-Commerce Fraud Attack Rates Report Experian took a close look at this trend and broke down what states, cities and zip codes were ranked the highest for shipping and billing fraud. They found that Delaware, Oregon, and Florida took the top spots for billing and shipping e-commerce fraud on a state-level last year. Also, Oregon and Delaware each experienced a 200% or more upswing in e-commerce billing attacks.

That said when it came to just e-commerce billing fraud attacks three states made up over 70% of all attacks – Florida, California and New York.

Shipping fraud is trending too, with ten states experiencing an upswing of more than 100% when it came to fraudulent orders being shipped out, including Maine, Montana, Iowa, South Dakota, Wyoming, Alaska, Colorado, New Mexico, Idaho, and North Dakota.

Fraud attacks in the city

What cities had the most attacks? When it came to both shipping and billing fraud South El Monte, California, had the most of both last year. When they looked at just billing fraud, South El Monte’s rate was twice the rate of Port Reading in New Jersey, which was number two on the list.

When they looked at zip codes, Miami had the most for e-commerce fraud, having 17 of the top 100 zip codes hit by shipping fraud. The city also had 20 of the top 100 when it came to billing fraud.

Add to Favorites:

Related News:

Fears of ID Theft Trump Fears of Terrorism
Fears of ID Theft Trump Fears of Terrorism

Posted: August 07, 2017

Identity theft and banking fraud are part of the consumer landscape these days, and the fear of being a victim of either is very worrisome for U.S. consumers, according to a new study by FICO, so much so 44% said it was their top worry. Continue reading
Hackers Still Hard at Work
Hackers Still Hard at Work

Posted: April 21, 2017

Shopping online or with mobile devices is gaining in popularity with consumers, whether they are looking for trending fashion gear or are making summertime travel plans. Continue reading
Bank of America and PayPal Strike a Deal

Posted: August 16, 2017

With more and more people interested in making mobile and digital payments, Bank of America and PayPal have inked a new deal paving the way for Bank of America customers to be able to link their credit and debit cards with PayPal and use ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Match Mile For Mile: We’ll match all the Miles you’ve earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
You could turn $150 into $300 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
For Excellent, Good Credit
No Annual Fee. See WebBank/Fingerhut Credit Account Terms.
For Bad Credit