In 2017, more than 80,000 cases of stolen card details were reported in Germany. The victims complained that they tried to make purchases only to find that they couldn’t access their funds. According to the The Local De, CNP is one of the most common crimes in the European country.
Card Not Present (CNP) Policy Fuels Fraud
CNP fraud is a crime that involves making transactions with a person’s card without their knowledge. When making a Card Not Present payment (CNP), the physical card is not needed. The transactions are made automatically as long as the individual can prove a few things about the card. This becomes a ‘major route’ for credit card fraud as it is hard for store owners to verify the real holders when authorizing payments.
There has been a 50% increase of CNP cases. Dagens Handel reports that the National Deception Center Police department received nearly 100,000 complaints last year. In the first quarter of this year (2018), an increase of 50 percent has been recorded.
“We received 80,000 notifications last year, but we expect the darkness to be twice as big. CNP is the most common crime in the world,” said Jan Olsson, an investigator from the center.
He warns that the figure could continue increasing if strict measures are not taken to curb the fraud. Pundits believe that the problem can be alleviated if proper steps are taken to protect the consumers. Some of these measures include introducing 3D Secure services in the e-commerce. Then, the transactions should be verified by the card provider (Visa, MasterCard etc.) through secure codes. The consumers could use a personal password to complete transactions. This could reduce the theft.