More than $1 trillion was stolen in 2020 due to cybercrime, according to the Sift report. As online and digital transactions increased due to stay-at-home orders, fraudsters had a new avenue to exploit consumers.
Fraudsters targeted e-commerce, digital wallet transactions, and digital currency transactions the most in 2020. Professional marketplace transactions saw a 66% increase in fraud attempts with a 20% rise in average order value whereas digital wallet transactions experienced a 33% increase with a 9% jump in average order value, according to the March Sift report. Read more….
Want to understand more about how you can protect your business? Want to do this without impacting your customer experience? Then talk to PaiSec team about about our fraud and security programs integral to our eCommerce payments platform. It costs nothing to talk and who knows, you might walk away with some new ideas. Lets Talk!