Did you know that last year, about 1/4 of the total digital interactions (or 22.9%) were related to fraud attempts, as Arkose Labs reported? And Europe played a special role in card-not-present or CNP fraud attacks. Let’s dig deeper into the topic and see where you can find a reliable and low-cost U.K. merchant account for your online transactions.
Fraud Attacks & U.K. Merchant Account
According to Arkose’s Q1 2020 Fraud and Abuse Report, COVID-9 has led to a significant rise in human-driven attacks as opposed to scripted attacks completed with the help of bots. Attacks caused by humans now represent 11% of fraud.
By the way, 37% of the attacks happened in Europe. Next, come Asia (30%) and North America. Be aware that cross-device attacks are on the rise. The reason has to do with attackers getting more interested in leveraging gaming consoles, smart TVs, as well as digital home assistants.
Let’s look at some more findings:
- Still, the majority of the attacks are associated with mobile devices and desktops.
- Credential stuffing attacks were among the most common types of fraud attacks.
- Then, come fake account registrations, payment fraud, in-game abuse, and web scraping.
In today’s increasingly digital world, e-skimming attacks targeting merchant POS (point-of-sale) systems and eCommerce merchants are growing. Your efforts to protect your eCommerce-payment transactions need to be stronger than ever before. So, you can’t do without working with a true payment specialist to enjoy the best deal for your business.
That’s where a respectable merchant-services comparison specialist can help. By working with a seasoned payments-services comparison specialist, you can find the best U.K. merchant account and other payment-processing services without challenges.
Fraud in Europe (the U.K)
No aspect of life can be fully protected against cybercrime. Given digital payments, money transfers, and the use of IoT (Internet of Things) devices are on the rise worldwide, you should expect a rise in fraud, as Edvardas Sileris, Head of Europol’s European Cybercrime Centre (EC3), notes.
2020 witnessed new challenges in fraud. According to the New European Card Fraud Map, lots of countries succeeded in fighting card fraud in 2020. By the way, the U.K. was a leader in that battle.
So, the growth of eCommerce, emerging and alternative payment options like contactless payments are resulting in a fraud rise. Last year, Europe topped the list of the regions with card-not-present fraud attacks.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of the U.K. merchant account. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.