A new survey has indicated that Merchants lose a significant amount of time and expense dealing with increasing fraud across multiple channels, with nearly 77% reporting that their company has been a victim of fraud.
In the 'Digital Payments 2019 Survey' conducted by American Express, it was suggested that compared to last year, significantly more merchants feel that their business is vulnerable to payment fraud across multiple channels.
Unauthenticated transactions with stolen card and counterfeit payment affected 37% of merchants, with counterfeit payment cards (33%), chargebacks (36%) and return fraud (31%) causing additional headaches.
It also appears that it is not just the merchants that are under fire, with 53% of consumers reporting they have been victims of fraud or experiencing a fraudulent attempt to use their payment card. Cardholder confidence in merchants is also waning – with 57% of consumers believing that businesses generally do a good job of ensuring the security of customer data, down from 63% in 2018.
Gala Technology's CTO, Steve Biggs commented "The report indicates 82% of merchants agree that implementing security procedures for their customer transactions reduces their level of fraud. It is also clear that they prefer options that remove much of the data security burden by shielding them from sensitive payment information, whilst creating a fast and secure transaction experience for their customers.
Our multi-award winning SOTpay solution enables merchants to protect themselves by processing secure, authenticated and PCI DSS compliant transactions in remote channels such as telephony, web chat and social media. It also allows them to protect their customers by keeping the cardholder in control of their own payment card data without exposing it to the merchant.
We are committed to making our technology available to organisations of all shapes and sizes and as we are Acquirer
and Payment gateway
agnostic, our cloud based solution is easily deployed and cost effective."