By the end of 2016, almost 1.81 million U.S. merchants had switched to card chips, which are supposedly harder to counterfeit. With the usage of credit-card chip technology, credit card thieves are turning to the internet. According to a report from Javelin Strategy & Research, there has been a 40 percent increase in stolen card data used to pay for merchandise online and mobile apps. U.S. government entities as well as retail companies alike had 1,093 data breaches last year, potentially exposing private customer and financial information and leading to identify thief. This forces retailers to spend and invest billions of more dollars to protect their sites and data. The fraud-fighting industry is blooming as more companies are trying to find solutions to prevent fraud and thieves.
It is good idea for companies to enhance their security systems and constantly improve their systems to stay ahead of online thieves because online fraud is very prevalent today. Thieves are constantly finding new ways of committing fraud and stealing customer information. Protecting data should be the number one priority for companies.
Source:
https://www.bloomberg.com/news/articles/2017-02-01/credit-card-thieves-move-online-as-chips-thwart-in-store-fraud