New fraud actors are coming into play with sophisticated schemes to exploit digital payments.
According to the Federal Trade Commission, consumers lost more than $10 billion to fraud in 2023, a 14% increase over the previous year. In particular, card-not-present (CNP) fraud is now five times more prevalent than card-present (CP) fraud in the U.S., accounting for
89% of fraud losses. This trend is poised to grow. Read on to learn how insurers can protect themselves.