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 avoid falling into the fraudsters’ trap.

Types of Fraud That Are on the Rise

To combat fraud and credit risk, as well as to successfully meet customer expectations, banks have started paying more attention to creating tech divisions. That’s why they’re more than ever focused on investing in their ecosystem capabilities and building the necessary bases for strategic priorities. In fact, such focus is growing year after year.

When it comes to attackers, they’re applying a broader range of scam tools each time to target their victims. These include phishing emails and texts, bogus social media posts, robocalls, impostor schemes, and not only. Fraudsters never stop getting more sophisticated to adapt their messages and tactics to new medical and economic issues that appear.

As you see, the COVID-19-related lockdowns and social distancing measures have totally revolutionized the payment landscape. Card-not-present transactions are now the preferred option for so many people worldwide, thus pushing face-to-face transactions backward.

So, it’s no surprise that payment fraud is on the rise. To fight fraud, it’s more critical than ever to use the most advanced fraud prevention services from a respectable provider in the country.

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. 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.