BUSINESS: Research + Stats Card Not Present Fraud Is on the Rise By Staff Tuesday, January 31, 2023 11:53 AM Experts are warning consumers to monitor their credit card statements after a surge in card-not-present (CNP) fraud. According to a new report from Insider Intelligence, more than $9.49 billion worth of fraudulent purchases will be made in 2023. This is up 8.5 percent over 2022. CNP fraud is expected to make up 73 percent of card payment fraud in 2023. That is up a staggering 57 percent since 2019. CNP fraud includes fraud in which stolen card details are used to purchase online. This increase in CNP fraud is parallel with significant economic growth in 2020. E-commerce retail sales reached 36 percent in 2020, while CNP fraud rose by 31.2 percent in the same year. It’s believed both these figures will normalize over the next few years. Experts are advising merchants and issuers to be vigilant in preventing CNP fraud, which has become the leading form of credit card fraud in the U.S. It is suggested that tighter security for these purchasing channels would reduce the number of fraud cases.