"In 2018, over a third of the world’s consumers experienced debit or credit card fraud,” says Justin Hansen, security architect at Venafi.

Financial fraud cost UK consumers £732m in 2017, with authorised push payments (APP) costing an additional £236m. UK Finance  figures report that 58% of fraud involves payment cards, opposed to 16% for online banking and 1% for cheques. “In 2018, over a third of the world’s consumers experienced debit or credit card fraud,” says Justin Hansen, security architect at Venafi. “This may have a serious impact on credit assessments, as organizations are forced into a hard choice of either excluding customers that appear risky – potentially through no fault of their own – or relaxing their assessment criteria and opening themselves up to additional risk.
“The US has already seen the impact of this, as no-fee consumer credit freezes were introduced in 2018 as part of a roll-back of the Dodd-Frank Act. Unfortunately, most organizations are focusing on the impact of human identity theft, while ignoring the consequences of weak machine identity protection.”

Read more