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Combating synthetic identity fraud
Business, PwC Thailand, Published on 08/05/2017
» While Thailand is on track to fully adopt Europay, MasterCard and Visa chip cards (EMV) by the end of 2019, bankers are anxiously anticipating a new dawn of online fraud triggered by identity and card-not-present transaction scams, as well as so-called sleeper fraud and account takeover. Lessons learned from early adopters such as the UK, Australia, and Canada shows a sharp decline in counterfeit card fraud. But the good news ends there. Application fraud and online fraud increased by 80-100% in a three-year period following EMV; and since EMV launched in the US through the last quarter of 2016 e-commerce fraud rose 42%.