Payments companies are trying to fix the massive credit-card fraud problem with these 5 new security protocols

BII Annual Cost Of Fraud_3.15

There is a massive credit card fraud problem in the US. Fraud cost US retailers approximately $32 billion in 2014, up from $23 billion just one year earlier. Much of the fraud problem is the result of the relatively weak security of credit and debit cards.

To solve this problem, a new type of credit card with a microchip, called EMV, is being implemented — but EMV won’t be a panacea. It will cause fraud to migrate to other weaker points within the payments ecosystem.

To solve the card fraud problem across in-store, online and mobile payments, payment companies and merchants are implementing new payment protocols that could finally help mitigate fraud.

In a new report from BI Intelligence, we look at how the dynamics of fraud are shifting across in-store and online channels and explain the top new types of security that are gaining traction across each of these channels, including on Apple Pay. 

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Here are some of the key takeaways:

In full, the report:

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