Standard Bank Warns Of Escalating Card-not-present Fraud Risks

Standard Bank has issued a warning about the alarming rise in Card-Not-Present fraud as digital transactions increase, Cape town Etc reports.

As aspects of modern life, including online shopping, e-hailing services, video streaming, and instant delivery apps become integral, so too does the threat posed by cybercriminals keen on exploiting these platforms.

Adv. Athaly Khan, the Head of Fraud Risk Management at Standard Bank, explained that the nature of CNP fraud is particularly insidious. Unlike traditional forms of fraud, criminals in this space do not require physical access to a victims card.

Instead, they leverage stolen card details to make online purchases and subscriptions without the need to ever possess the card itself. Fraudsters typically exploit vulnerabilities in e-commerce infrastructure to pilfer sensitive information such as card numbers, expiry dates, and card verification values CVVs.

The surge in CNP fraud is not random it is a calculated outcome of the shift towards digital transactions. As digital transactions grow, banks are detecting more opportunistic attempts by cybercriminals to exploit online platforms, Khan stated.