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Trends in consumer payment fraud: A call for consistent strong authentication across all consumer payments

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  • Cimiotti, Gerd
  • Merschen, Toni

Abstract

Fraud has been a cost of doing business in the merchant and retail space since the beginning of organised trade thousands of years ago. Payment fraud is only a part of overall retail fraud, but it seems to have moved closer to the focus of the discussion in the financial industry and with the other stakeholders in the financial ecosystem, eg the merchants, the consumers and, last but not least, the regulators. This paper reviews the latest consumer payment fraud statistics and analyses the recent regulatory activities. The actions taken by the various stakeholders to detect or prevent fraud are then assessed in the context of both meeting regulatory provisions and enabling growth of retail volume seamlessly across all channels. It concludes with an urgent call for introducing a strong authentication regime across the consumer financial industry in a consistent and comprehensive way.

Suggested Citation

  • Cimiotti, Gerd & Merschen, Toni, 2014. "Trends in consumer payment fraud: A call for consistent strong authentication across all consumer payments," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 8(1), pages 43-63, March.
    • Handle: RePEc:aza:jpss00:y:2014:v:8:i:1:p:43-63
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    Citations

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    Cited by:

    1. Cologgi, Massimiliano, 2023. "The impact of regulation on retail payments security: Evidence from Italian supervisory data," Finance Research Letters, Elsevier, vol. 54(C).
    2. Massimiliano Cologgi, 2023. "The security of retail payment instruments: evidence from supervisory data," Temi di discussione (Economic working papers) 30, Bank of Italy, Economic Research and International Relations Area.

    More about this item

    Keywords

    card payments; EMV; chip cards; strong authentication; single sign-on; payment fraud; regulation; payment system integrity;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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