Amidst the swarm of frauds, swindles and scams that transpired post the outbreak of Covid-19, payment channels have witnessed the biggest of all! The bitter truth is that the rate of payment frauds was quite horrific even before the advent of the pandemic. Whopping amounts of money was lost due to diverse variety of scandals across the globe, besides large chunks of payment data being stolen. In addition, it was recently brought to light that most consumers are extremely worried about frauds across the digital payment channels now as compared to when Covid-19 came into existence.
Some of these frauds entail fake apps and websites, compromised password/credential information, spyware/malware, card cloning, e-Commerce or mobile channel frauds, and many others. A seamless occurrence of these advanced and complex breaches has triggered not only the consumers to stay abreast and alert, but also various businesses to unveil secure payment infrastructures and comply with strict anti-fraud and security measures.
On the other hand, the proliferation in newfangled technologies, software and payment channels & modes has rekindled the cybercriminals to come-up with efficient criminal ideas and avenues to steal payment data of consumers. These avenues range from the simple adoption of a new technology to complex engineering tactics that can ease the execution of their frauds. Yet, on the bright side, the industry is relishing tremendous growth YoY and businesses being endowed with ample potential opportunities, thus giving a new dimension to the contactless revolution of digital payments. For instance, the tap and go payments across COTS smartphones and tablets are deployed by companies to process the payments of consumers.
Well, as discussed earlier, secure payment infrastructures are the dire need of the hour for businesses to safeguard payment data of consumers and also stay ahead of the burgeoning competition. Adhering to requisite security frameworks stands mandatory for these businesses, for instance, the PCI Contactless Payments on COTS Standard, and many others.
These standards indeed enable vendors to offer contactless payment methods to businesses, secure the cardholder’s personal data, and at times also substitute this data with tokenized and non-sensitive data. This way, businesses strive to not offer even the slightest chance for cybercriminals to take hold of the consumers’ data, while they consistently devise new, affordable and safe contactless payment options. With the rise in usage of smartphones and internet across the world, contactless payment market is making great strides and is expected to reach phenomenal heights in the coming years.
In a nutshell, the new wave of contactless payments with extended security measures has hit majority of the businesses worldwide, thereby letting them augment their operational flexibility, customer services & support, and most importantly, enhance their RoI.
