Fraud Rising and B2BPayment Challenges: WePay's Week in Payments
A perennial issue in the payments world is fraud. Fraud is never going to go away but requires constant vigilance and ever-evolving counters to new threats devised by fraudsters. The advent of EMV chip-enabled cards has raised the bar for fraudsters in card present transactions so it was expected that there would be a rise in fraud attempts for online card-not-present transactions, principally in online e-commerce. It should be no surprise then that reports are beginning to appear that show a huge bump in fraud in online e-commerce this past holiday season. MultiChannelMerchant reported on a study by Forter that found a 79% jump in e-commerce fraud risk over the holiday period.
The other trend coming out of this week’s news is that B2B businesses and platforms remain slow to adopt new payment technology principally because the banks upon which they depend are very slow to adopt more advanced technology. In addition, a secondary factor is that B2B companies themselves can be slow to choose to move. Those B2B companies and platforms that are adopting integrated payment technology are doing it through alternative solutions from the Fintech world. (Incidentally, if you are a B2B SaaS platform looking into payment solutions then take a look at ours).
In other payments news, Technavio has a report that says the global payment gateway market is expected to have a CAGR (combined annual growth rate) of 17% through 2021.
Finally, PYMNTS.com has a great piece about the surprising and strong resiliency of cash as a form of payment. They even argue that the rise of payment technology is helping cash to survive and even thrive. There are even tech solutions cropping up to help facilitate cash payments!