As EMV migration and adoption accelerate throughout 2016, an increase in Card Not Present fraud is inevitable. EMV shifts caused considerable spikes in CNP fraud in Canada and Europe more than a decade ago when mobile shopping didn’t even exist, and the ramifications for the U.S. could be enormous.
The shift to EMV is adding complexity and cost for card issuers and it’s only going to tackle part of the problem around payments fraud. That’s according to Render Dahiya, CEO of Arroweye Solutions at least.
Arroweye Solutions, a leading card marketing and production firm, has been selected by Obsidian to produce private-label, open-loop prepaid cards for its Local First Card program, which encourages consumers to shop local in their home community. Obsidian will leverage Arroweye’s patented, Digital On-Demand card production platform to produce highly-customized cards and materials and put personalized cards in customers’ hands in as little as 48 hours.