The pandemic birthed a new era for e-commerce fraud, and the risks and vulnerabilities have never been greater. Data breaches and credential phishing alone exposed more than 1.1 billion personal records last year.
One of the US verticals poised for ongoing change in the coming year is the direct selling vertical, specifically those that rely on subscription models, including offering free trials that convert into subscriptions.
New research from Boku predicts the mobile wallet adoption gap between North America and the rest of the world will continue to grow through 2025. Nearly 60% of the world’s population will use a mobile wallet by 2025 – that’s 4.8 billion mobile wallets. But the growth will be much faster in developing countries.
The fraud landscape shifted dramatically as criminals boldly increased the hijacking of victims’ online lives with the cost of fraud jumping to $52 billion according to the 2022 Identity Fraud Study: The Virtual Battleground by Javelin Strategy & Research.
Calvin Wilxcox
This year, businesses need to offer contactless options at the point of sale to stay competitive, including adding NFC-enabled terminals to support mobile wallets or providing scannable QR codes. Ecommerce retailers can also catch the contactless-payments wave by adding digital wallet options to their checkouts.
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