Visa has reported an increase in in-person fraud as consumers and criminals return to the real world of transactions after the seclusion during the pandemic.
The pandemic accelerated the digital payment options which also led an increase in online crime, but with the return to in-store shopping and in-person transactions, fraud and scams are on the rise. Between June and November of last year, the use of devices that illegally capture cardholder data, like pin numbers, more than doubled when compared to the prior 12 month period.
With the holidays approaching this could mean more trouble ahead. In-store sales is increasing faster as consumers dealing with inflation and high-prices are looking for ways to save on delivery fees and are looking for more social experiences after the pandemic.
Visa points out that e-commerce still remains the main target for criminals with online fraud making up 75% of frauds and data breaches investigated by the company.
For ways to protect your business and consumers talk to us about advanced security capabilities like digital tokens and using enhanced authorization codes. We can help get you up to speed on the latest security technologies available.