Payment Processing Fraud: The Effect of 2020

The global crisis brought about by COVID-19 has created an unprecedented situation worldwide. Almost every industry is now bearing the effect of COVID-19. The rapid move to the online space has resulted in a vivid rise in payment processing fraud. Let’s discuss how 2020 affected fraud and how eMerchantBroker can help you avoid fraud.

Payment Fraud 2020: eMerchantBroker

In the U.S., companies have witnessed a surge in card-not-present or CNP fraud, account takeovers, and scams. The reason is simple: currently, interactions and fund transfers are mainly occurring online, thus creating a very convenient atmosphere for fraudsters to take action.

In North America, digital transactions increased by 42% during the period from June 2019 to June 2020. Almost 60% of those transactions stemmed from mobile devices. 2/3 of the transactions processed via mobile devices were related to apps. In 2020, the number of synthetic identities, identity fraud rings, multiple device linkages and bot attacks wend on growing.

With all this being said, you should pay special attention to fraud prevention. That’s where a reputable payment expert like eMerchantBroker can help. This is how you can be sure to get the fastest access to the safest and cheapest fraud prevention solutions to …