Today’s digital payment systems are a gateway between consumers and businesses. While once it was common to pay cash for everything from groceries to gasoline, even these basic staples of live can be purchases through the gateway of a digital platform. Whether you decide to go to the grocery store yourself or have these items delivered to your home, gateway services allow for secure payment options in the store with the swipe of a card or over the internet.
As more and more card not present transactions run the economics of America, a major concern of both consumers and businesses is the threat of fraud. Consider some of the following statistics about financial fraud:
- $16.31 billion in worldwide fraud losses from payment cards were recorded in the year 2014.
- $35.45 billion in worldwide fraud losses from payment cards are expected by the year 2020.
- $8 billion annually is the cost of card fraud in America.
- 54% of data breaches in 2014 were related to identity theft.
- 17% of data breaches in 2014 were aimed at financial access.
- 11% of data breaches in 2014 sought account access.
Knowledge of these statistics should make it perfectly clear why there is an entire industry that is built around keeping the gateway services that process secure payment solutions. From off site 24/7 data storage centers to fraud alert detection software, the secure payment processing industry is constantly working to decrease fraud numbers and increase customer confidence.
The data resource Statista in 2015 reported that because there are often online incentives for buying items in bulk or buying more expensive items, shoppers often spend even more when they shopping online. The average American shopper, in fact, spends an average of $78 for every order. This increase in purchases, of course, should not result in increased online and credit card theft. Businesses who prioritize their customers privacy and financial security make sure that they are providing the best fraud protection software and over site.
Cash payments in today’s society continue to decrease. More and more consumers rely on online purchases and card swipe payment systems. the most successful businesses, whether a traditional location or an online store, will continue to build consumer confidence by working with providers to ensure online security and fraud protection.