Chargebacks911® COO Monica Eaton’s New Guest Feature for DevPro Journal
New payments technologies are transforming the market as we speak. But, as Chargebacks911 COO Monica Eaton explained in a recent feature for DevPro Journal, not every instance of disruptive change will take us in a positive direction.
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Consumer spending in digital channels in 2020 dwarfed what consumers spent the previous year. We can chalk much of this up to COVID-19, but it is still part of a long-running trend. Consumers love the convenience of curbside pickup and other “click-and-collect” options. However, these new channels present new risks for which merchants need to account.
“It’s more difficult to verify a buyer’s identity in the card-not-present space because the merchant never has physical possession of the payment card,” Monica explains. “Bad actors can take advantage of this fact, which is why nearly one-quarter of all digital interactions in 2020 were fraud attempts.”
Ultimately, innovation is a great thing. However, it must go hand-in-hand with preparedness for these new risk factors. Merchants need to balance risk and reward, or else they could see that new revenue generated through digital starts slipping down the drain.
