According to a research conducted by MRC, eWallets have a much lower fraud rate then debit and credit cards. eWallet fraud rate was reported at 10% in comparison to credit cards with 46% and debit cards with 42%.
Findings reveal that many merchants are not tracking mobile channel fraud. However, of those that do, most report lower fraud then the online channel. Also, “clean fraud” is the most common type of fraud. The other four most prominent types of fraud include: phishing, money laundering, account takeovers and identity theft.
85% of merchants are using CVN as their leading tool to detect webstore fraud and 82% of merchants are using negative lists and more than 10% of respondents plan to implement four tools within the next 12 months: device fingerprinting, 3D Secure, e-mail address verification and customer website visitor behavior analysis.
The study also shows that 72% of merchants do not outsource their fraud management functions and that more than 50% of chargebacks are disputed, and merchants are victorious in nearly 2/3 of cases.
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