What is the future of payment fraud?
Vesta's CIO, Tan Truong shares his thoughts with Finovate editor Julie Muhn on the future of payment fraud
To get a better idea of the specific changes that have taken place, as well as those that have yet to come, Vesta CIO Tan Truong spoke with Finovate offering his insight on recent payment industry trends, provides advice for merchants, and offers tips on how banks can help their small business clients fight payments fraud.
What recent changes have you seen in the payments space, and what changes do you foresee in the sector next year?
Tan Truong: The pandemic has really supercharged the acceleration of e-commerce growth – by some analyst accounts, the industry has jumped about five years ahead of its already steep growth trajectory. Total online spending in May, at the height of the pandemic, was up 77% year-over-year. But even many brick-and-mortar sales are no longer traditional in-store purchases, thanks to the rising popularity of curbside pickup options that allow consumers to make a purchase online and have merchandise dropped right into their car by a sales associate within minutes.
Unsurprisingly, fraud has also skyrocketed as consumers and retailers both look to prioritize health and safety by embracing contactless transactions. Some researchers are projecting that retailers will lose about $130 billion in revenue due to CNP fraud between now and 2023.
Read the full interview on the Finovate website here.