The long-term global decline in cash use accelerated during the pandemic, with markets such as the UK and Netherlands now using cash in fewer than one in five transactions, while digital commerce has surged by 30% in less than two years – and online fraud has shot up to match.
Research estimates that payments fraud has risen faster than the growth in e-commerce during the pandemic, at 35%; while a Marqeta report shows that 65% of consumers in the US and UK are now more cautious about shopping online as a result of fast-growing fraud.
Roy Prayikulam, SVP from INFORM looks at some of the major trends in payments and what can be done to reduce risk, speed up checkout and cut fraud as payments go digital and new payment methods proliferate.
