Payment systems are in rapid evolution. And so are payment frauds. For a long time, the preferred method of fraudsters was to steal physical payment cards and use them to make purchases. This still happens, however, online fraud is becoming more and more common. With the pandemic taking over the world and the consequent shift to cashless transactions, digital payments have grown by 14% only in the previous year (Source: study by Statista). The increased amount of payment information available online has made it easier for fraudsters to commit fraud.
Some researchers are projecting that retailers will lose about $130 billion in revenue due to Card Not Present* fraud between now and 2023.
Online fraud poses a threat to the business of merchants. This accounts for around 60 to 70% of card fraud.
Merchants need to effectively protect their business while providing a smooth payment experience, with as few steps as possible for the user, to maximize their likelihood of conversion (Source: SlimPay Help Center).
At SlimPay, we are on a mission to help every merchant enroll customers and collect repeat payments to grow their business and help them prevent fraud. Download our guide – How to prevent online payment Fraud? and get all the tips to help you succeed!
*When neither the cardholder nor the credit card are physically present at the time of the transaction, it is known as a card-not-present (CNP) transaction. It is most popular for orders placed over the phone, internet, or by mail.
