NIST Calls For Comment of Ecommerce Security

In an effort to reduce online fraud, the National Cybersecurity Center of Excellence (NCCoE), a subdivision of the National Institute of Standards and Technology (NIST), announced it is now accepting feedback on its draft exploring the ways in which multi-factor authentication can help to mitigate fraudulent online purchases. As was the case in Europe after retailers adopted chip-and-pin technologies, retailers in the US have seen a spike in ecommerce fraud. In fact, the US saw a 30% increase in online fraud and credit card theft during 2017. After chip-and-signature and chip-and-PIN security measures were adopted, cyber-criminals shifted their fraudulent activity to the ecommerce space. Ironically, the increased point-of-sale security has given rise to greater fraud with online card-not-present transactions.