{"id":8849,"date":"2024-06-28T16:14:00","date_gmt":"2024-06-28T20:14:00","guid":{"rendered":"https:\/\/evssolutions.com\/?p=8849"},"modified":"2024-06-28T16:14:02","modified_gmt":"2024-06-28T20:14:02","slug":"the-changing-digital-payment-landscape-how-to-prevent-fraud-and-drive-revenue","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/the-changing-digital-payment-landscape-how-to-prevent-fraud-and-drive-revenue\/","title":{"rendered":"The Changing Digital Payment Landscape: How to Prevent Fraud and Drive Revenue\u00a0"},"content":{"rendered":"\t\t
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Consumers and small businesses are using credit cards more than ever before, so if you’re a business owner, one of your top priorities should be credit card fraud prevention. Hands down, one of the best ways to build your brand’s reputation, consumer trust, and ROI is by attaching a robust fraud detection system to your digital payment process.\u00a0\u00a0<\/p>

This recommendation to invest in a fraud prevention platform is more than a sales pitch for our EVS products (though they are unparalleled in the industry). Without fraud prevention, your company is at risk of violating federal law, losing thousands or millions to illegal transactions, and ruining customer relationships and trust. Don’t gamble with the company legacy you worked so hard to build: Protect your digital transactions with fraud prevention strategies that actually work in today’s payment landscape.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Understanding The Current Payment Landscape<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The modern age thrives on digital payment, but this increased reliance on online transactions leads to an increased risk of fraudulent activity. In 2022, 82% of U.S. adults owned a credit card, 50% had at least two cards in their rotation, and these cards were used to make 31% of all payments. This means that 82% of shoppers are at risk of credit card fraud, and at least 31% of your brand’s transactions could fall victim to digital crime.\u00a0\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Credit card debt per borrower is also at an all-time high, with consumers often maxing out cards and defaulting on balances. And consumers aren\u2019t the only ones digging digital holes: Of the more than 33 million small businesses in the U.S., roughly 30% rely on credit card debt as a primary funding source. The bottom line?<\/p>

  1. Credit cards aren’t going away.<\/li>
  2. They are necessary means of payment for corporations and individuals.<\/li>
  3. Businesses need a reliable way to help protect themselves and their consumers.<\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    The Difficult Truth About Credit Card Fraud in 2024 <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Credit card fraud is on the rise \u2013 in fact, it was the most common type of identity theft last year \u2013 and cybercriminals are refining their methods of deceit with every passing year. Thanks to updated fraud prevention technology, only 10% of today’s credit card fraud comes from fraudsters stealing existing accounts.<\/p>

    The remaining 90% of fraudulent activity comes from new account fraud, which happens when a criminal uses your information to create a new credit card account. Increasing data breaches and synthetic account fraud are also prompting a rise in credit card fraud, causing huge losses for consumers and merchants alike.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    The High Cost of Credit Card Fraud <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Credit card fraud in the U.S. will lose $165.1 billion over the next 10 years, with card-not-present fraud accounting for $5.72 billion in losses. In the U.S. alone, 127 million adults have fallen victim to credit card fraud. Though card issuers typically cover over half these losses, merchants are left to bear the remaining financial burden. Plus, many small businesses who rely on credit cards for funding can also become victims of company card fraud.<\/p>

    In 2023, the Federal Trade Commission noted 101,427 cases of credit card fraud and 711,802 cases of credit bureau fraud<\/a> \u2013 and these are just the instances that were actually reported. To break these figures down into digestible statistics, here’s what these combined 813,229 fraud cases actually mean:<\/p>