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"EMV is intended to protect card data in a card-present environment, which is going to push more criminals into the card-not-present space," he says. "In every country where EMV was rolled out previously, card-not-present fraud exploded."
EMV cards prevent fraud at the physical point of sale by using a computer chip embedded in the card to validate the card to the card reader and vice versa. The cardholder authenticates himself by entering a PIN. Since online shoppers can only enter their card account and CVV number to make a purchase, the chip and PIN security features are moot.
With the October 2015 deadline for EMV rollout not far off, e-retailers must begin preparing for the expected spike in online fraud. That begins with developing a comprehensive plan for fraud prevention and data security, and communicating it clearly across all departments.
"Fraud prevention and data security has to start at the top because consumers today are demanding it," Wooten says. "It's become more of a priority for them than fast checkout. Every transaction a merchant sees needs to be assessed for risk using a multi-layered approach."
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