Shift to Digital Payments: Security Vulnerabilities & Fraud

The accelerated move to digital payments is exposing security vulnerabilities and adding to fraud. Cybersecurity failure can cause ransomware attacks or data breaches that could result in huge damages. In the article below, you can find more information on the link between digital payments and security issues, as well as on the best merchant service companies in the U.S.

Online Payment Fraud: Best Merchant Service Companies

Digital payments are raising the level of fraud. Today, multibillion-dollar fraud is on the rise all around the globe, as the analytics company SAS reports. Because of COVID-19, contactless payments have dramatically increased during the last several months, which has resulted in an increased number of flatulent attacks.

Based on a recent report on digital fraud, the COVID-19-related lockdowns and social distancing made people use mobile apps and online channels more intensely. In the U.S., mobile banking rose by 50% in the 1st half of 2020, and in April alone, the number of people registering for the 1st time jumped by 200%.

The spike in online shopping and contactless payments have reached record levels in eCommerce sales. With all this in mind, you can’t underestimate the role of secure, advanced and cheap merchant processing services.

best merchant service companies

That’s where expert payments comparison companies step in to help you find the best merchant service companies in the U.S. Work with a reputable payment processor comparison specialist in the U.S. that provides the most trustworthy review of processors at the time of writing.

Online Payment Fraud Rising Amid COVID-19

Fraudsters stealing data represent the highest threat to people and businesses. With more retailers moving to the online space, the use of the 3rd-party vendors providing different commerce solutions is increasing. The use of secured connections is vitally important if you want to avoid potential vulnerability and fraud.

Quite naturally, COVID-19 has led to an increased number of cyber fraud activities. Based on the recent report by the FBI’s Internet Crime Complaint Center (IC3), as of April 1, 2020, the IC3 received and reviewed over 1.200 complaints associated with COVID-19 scams.

As you see, COVID-19 has accelerated the shift to online payments. Retail payment security, both online and in-store, has become more critical than ever before.

Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of the best merchant service companies. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.