Cold Cash Loses Value to Digital Dollars as Payments Industry Transforms

E-Commerce Times

In 2023, the global retail sector lost $429 billion USD to payments fraud. Nearly half of all businesses worldwide experienced some form of fraudulent activity, cyberattacks, or data breaches over the past year — an increase of 32% compared to 2022, according to Prommt CEO Donal McGuinness

“This calls for immediate investments in secure payment processes and fraud prevention measures,” McGuinness told the E-Commerce Times. “Preventing fraud, protecting customer data and privacy, and ensuring compliance with regulations are increasingly becoming top priorities for payments technology.”

He explained that it requires implementing data encryption and tokenization, enforcing strict data governance, applying access controls and robust authentication measures, and adhering to global compliance standards.

Read Donal’s contribution to the E-Commerce Times latest article on the transformation of the payments industry.