Fraud management tools have always been important within the payments industry. Yet with the growing popularity of online and mobile shopping, the landscape has shifted dramatically. Although customers now have the ability to purchase goods and services anywhere, anytime, on any device — this flexibility also has potential drawbacks. Card-not-present (CNP) transactions are at greater risk for fraud because merchants have to trust that the actual cardholder is authorizing the transaction, and sometimes that trust can be violated.
In a recent study by Juniper Research, it is projected that global merchant losses due to online payment fraud will surpass $362 billion over the period spanning from 2023 to 2028, with a particularly substantial loss of $91 billion anticipated in 2028.
Although fraudulent transaction activity is on the rise, fraud monitoring tools can help you detect fraud faster, protect your business, and safeguard your reputation. Using fraud management tools helps prevent criminals from:
Depending on your payment provider’s fraud management options, choose the PCI-compliant data security filters that make the most sense for your business. Combine fraud management tools to benefit from the ultimate in data protection — while simultaneously reducing your PCI scope.
To learn more about fraud monitoring tools, schedule a free consultation with our merchant services team today.
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