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.
ACI Worldwide, a global leader in mission-critical, real-time payments software, recently released its latest Prime Time for Real-Time Report. It features 53 global markets with insights and expertise on the trends, technologies and initiatives driving real-time success.
In 2021, internet users spent an average of 1 hour and 15 minutes daily on social media. Four years from now, 1 in 4 active internet users may spend at least 1 hour a day in the metaverse for work, shopping, social media or education. That’s how big this boom is.
In Q2 2020, when online sales jumped with the onset of the pandemic, the percentage of CNP fraud dropped to 12% of transactions, compared with 13% in Q1 2020. Unfortunately, the average fraudulent transaction rose 10% from $126 to $139 per transaction in Q2 2020.
With the accelerated digital transformation over the past few years, businesses of all kinds have expanded their global reach – a historically unlikely capability.
Innovation in the payments industry has made bill payment more convenient than ever, with mobile-first consumers able to pay from anywhere, using all types of payment, at any time.
Global retail e-commerce sales are on track to reach $7.4 trillion by 2025, with consumer payments driving sales at checkout. Moreover, the COVID-19 pandemic has only accelerated online shopping habits, with 51% of global consumers saying they plan to make more cross-border purchases.
For many retailers, adding apps was a must to survive the restrictions on brick-and-mortar shopping. However, in a rush to get apps to market, many were built without security features to prevent fraudsters from copying the apps, altering them, and turning them into phishing apps that impersonate the retailer’s brand.
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.
Protecting customer privacy and security has always been a priority for financial services, but as new developments like password-less logins; open, standardized platforms; and peer-to-peer (P2P) payments transform the space, businesses of all sizes need to know how to keep up with innovation and not get left behind.
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