Accepting credit card payments has been a growing necessity for merchants over the past few decades. We have noticed a steady shift from Card Present (CP) to Card Not Present (CNP) transactions as an attempt by companies to enhance their online presence and improve customer experience. The latter has driven the payments industry to the introduction of innovative technologies involving contactless payments and various e-wallet solutions. The more consumers go online however, the greater the risks faced by both merchants and consumers. In most cases fraud is the result of malevolent cyber criminials, but sometimes it’s also the result of consumers not being mindful about their own data security, like the lovely naive young lady in the image below.
These risks are associated with fraudulent activities like credit card and identity hijacking and data security breaches due to cyber attacks. These fraudulent activities are still the main reason for chargebacks within the online payment industry. Nevertheless, accepting online payments is a highly lucrative business and a must for every merchant wishing to conduct their business in the 21st century.