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Retailers Can Learn Lessons From Consumers’ Card Safety Concerns

March 8, 2017

Given the rise in reported data breaches and credit card fraud concerns, it should come as no surprise that the shift to EMV and mobile payments has some shoppers wary.

Given the rise in reported data breaches and credit card fraud concerns, it should come as no surprise that the shift to EMV and mobile payments has some shoppers wary. While it’s not really up to independent merchants to assuage these fears or educate consumers about the various ways in which they can increase their account security, they can still take a lesson or two from the situation and improve the payments ecosystem overall.

One of the of the biggest issues people may think of when it comes to their credit or debit accounts being used for a fraudulent transaction, they think of their physical cards being lost or stolen, according to Payments Source. However, fewer than 30 percent of fraudulent purchases come because of this issue, while the vast majority come from other types of crime including account takeover, application fraud, counterfeiting cards, and so on.

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