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Keep your PSPs close & your fraud prevention partners closer

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The global payments ecosystem continues to witness exponential growth in digital commerce. In 2021, Forter saw a 51% increase in total payment volume (TPV) year-on-year from 2020. In 2022, this is forecast to increase by 65% compared to 2021. At the same time, this increase in transactions brings another problem: digital commerce fraud. 

Merchants need to have a detailed understanding of their payment profile to manage threats and balance risk. According to the Merchant Risk Council, the amount merchants spend to tackle online fraud increased five-fold between 2019 and 2021. In 2019, ecommerce merchants spent an average of 2% of their annual revenue on fraud prevention. By 2021, that share had grown to 10%. However, it’s a battle merchants are continuing to lose. Additional data collected from the European Central Bank stated the total value of fraudulent card transactions amounted to €1.03bn in the eurozone.

However, as merchants become increasingly aware of the costs of fraud, they realise the need to deploy fraud prevention solutions. Many merchants utilise such services…

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