Online Business

Shift to Digital Payments, Security Vulnerabilities & Fraud

Shift to Digital Payments, Security Vulnerabilities & Fraud

The move towards digital payments has accelerated. Vulnerability towards payment processing fraud is on the rise all over the world. It’s the top consumer concern associated with digital transactions, next comes the risk of failed transactions. If you need to gain a deeper insight into the topic and reveal the safest and cheapest high risk credit card processing services, keep on reading this post.

High Risk Credit Card Processing & Cyber Fraud 

Technological innovation has been fundamentally changing the way businesses and banks store, manage and share data in the last ten years. Such shift has been accompanied by the growing threat of cyber fraud.

COVID-19 outbreak has made the shift towards digital payments even faster. $68 million in fraud losses associated with COVID-19 has been registered since the beginning of 2020, as the Federal Trade Commission reports.

As of May 2020, about 31% of a survey participants were victimized by card or digital payments fraudsters. More efforts aimed at encouraging contactless digital payments are observed worldwide. So, who can help you with the right merchant processing services so you can meet the growing need.

It’s simple. You just need to find a respectable merchant processing services provider that guarantees unmatched payment processing services. With a true payment specialist, you can enjoy quick access to both low and high risk credit card processing, and not only.

Digital Payments & Online Fraud

No one argues that payment cards have simplified and made the purchasing process more convenient. However, it’s become more convenient for fraudsters as well. In 2018, global fraud losses associated with payment cards accounted for $27.85 billion, as the latest numbers from The Nilson Report revealed.

Today, cyberattacks have become more long-lasting, and fraud has become less visible. The evolution of the traditional fraud-prevention methods used by companies and banks up until now hasn’t been fast enough not to stay behind.

In 2019, KMPG’s Global Banking Fraud Survey showed that 60% of the companies surveyed had witnessed growing fraud volumes. Fraud value had increased for 50% of these companies.

To sum up, online fraud is drastically increasing across the world. The availability of technology resources such as telecom networks, mobile communications, and e-commerce is immensely contributing to the mentioned growth. So, it’s no wonder that fraud is creating big problems in the digital payment systems.

Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that offers the safest and cheapest high risk credit card processing in the space. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.

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