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Global & Industry Challenges
Online payment fraud, or card-not-present fraud, is a type of fraud in which a fraudster steals payment information to make unauthorized transactions.
FRAUDSTERS FENCING CARDS
There are over 24 billion stolen credentials floating around on the dark web. In October 2022, a dark web marketplace released over a million stolen credit cards, allowing anyone to download them for free.
IT’S A BALANCING ACT
Finding the sweet spot between stopping fraud and delivering a seamless customer experience is no small feat!
Almost 90% of UK customers abandon purchases when faced with friction.
Chargeback fees as a result of fraudulent transactions are a huge pain.
They cost between $20 - $100, and companies stand to lose more than double the transaction amount.