Friendly fraud, which is also known as first-party fraud, is a growing problem worldwide. With consumers processing more transactions online, fraudsters are more often targeting them. This creates more problems for merchants. Thankfully, payment experts like Best Payment Providers can help you fight fraud successfully.
Growing Online Sales & Fraud: Best Payment Providers
COVID-19 has dramatically accelerated the transition to the online space. Sales are rapidly shifting from physical to online stores. Global retail eCommerce sales increased by 27.6{978e2a4959a157a06dee69dc58ec840aa985b85f683c91c609f7a42389c02a9d} in 2020, according to eMarketer. As a result, the worldwide total reached $4.28 trillion. The growth was largely driven by COVID-19.
Unfortunately, fraud isn’t going to disappear. Moreover, it’s evolving. E.g., the Global Gift Cards Market Survey 2021 has revealed that in 2020, the gift cards market size made up $295,210 million in the U.S. alone. It’s projected to reach $440,460 million by 2027.
This year, the National Retail Federation (NRF) …