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Card-Not-Present (CNP) Fraud
Card-Not-Present (CNP) fraud occurs when a transaction is made without the physical presence of the credit card. This type of fraud is common in online, phone, and mail orders where the cardholder does not need to present the card to make a purchase. Fraudsters use stolen credit card information to conduct unauthorized transactions.
CNP fraud is a significant challenge for online and remote transactions, as it is more difficult to verify the cardholder’s identity without the physical card. Businesses face increased risk for financial losses due to potential fraudulent activities.
To combat CNP fraud, companies employ measures including multi-factor authentication (MFA), real-time fraud detection systems, and enhanced verification processes. By implementing these security practices, businesses can reduce the incidence of CNP fraud and protect themselves and their customers from financial harm.
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