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Online Fraud Prevention in Israel

Ecommerce fraud and online fraud prevention in Israel

Read below about payment fraud, online fraud and fraud prevention Israel
While information regarding card fraud in Israel is very limited, the trend towards increased card usage, the imposition of a deadline for the introduction of EMV, and a number of high profile cases indicate that card fraud prevention is a priority for the central bank.

Payment fraud profile

Though there are around 9 million payment cards in circulation in Israel in 2013 (up from 7.4 million in 2009), cash usage remains high. In 2014 the central bank announced new measures to make debit cards accessible to the general public. The aim was to reduce cash usage, limit the size of the shadow economy and counter money laundering.

In August 2013, the card industry was given three and a half years to migrate their customers from magnetic stripe to ‘EMV chip credit cards’.

One recently reported case of fraud involved a Bank Leumi credit card unit employee stealing the data of 2.5 million bank clients. With this information he would change the mailing address and order replacement cards from the bank.

Ecommerce fraud prevention

With more than 70% Internet penetration in Israel, the market would appear ripe for ecommerce growth, although the level of online purchases currently remains low at 0.5% of GDP – significantly lower than in other developed economies.

As online shopping increases, the introduction of comprehensive fraud prevention tools and techniques will be important, to build consumer confidence and support further growth. As has been noted in other economies, the introduction of EMV is likely to drive an increase in Card Not Present fraud, as fraudsters transfer their attentions to less well protected channels. Increased vigilance online and tailored fraud rules will be needed to counteract this threat and support profitable ecommerce growth.

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