Card-Not-Present Fraud in China Set to Increase Dramatically

The Chinese online payment market is predicted to increase dramatically and so is the card-not-present (CNP) fraud. According to Retail Decisions and Chinabank Payment, the online payment market will total $78.7 billion, while by 2012, estimates suggest the market will total $244 billion. If the past six months is any indication then China will be in for a rough ride. For example, in the past six months there has already been a 60 percent growth in CNP fraud for China’s airline industry. Chinese airlines and other industries must adopt more rules and sophisticated fraud detection tools if they hope to battle this increasingly prevalent problem.