For anyone who has experienced fraud — be they retailer, restaurant or consumer — it’s a nightmare situation of filled with stress, lost time and money, as well as shattered trust.
And with the acceleration of eCommerce over the past 18 months, criminals have increasingly focused online. According to PYMNTS research, the average eCommerce storefront faced 344 fraud attacks in 2020, up 24% over 2019.
Read more: Why eCommerce Merchants Struggle to Find a Fraud Detection Balance
Any business that operates on the internet is going to be under “continuous scrutiny from good guys and bad guys,” said Checkout.com Chief Information Security Officer and Cloud Architect Adrian Asher. Because of this, he told PYMNTS that it’s vital for merchants to work with a service provider that’s able to give them data that enables valid payment flows while rejecting invalid ones.