How Music Retailers Keep Card-Not-Present Fraud From Sounding A Sour Note
The COVID-19 pandemic is shaking up shopping behavior. Consumers who previously paid for purchases by swiping or inserting their cards at in-store point-of-sale (POS) terminals are now turning to contactless cards and online shopping to safely and easily obtain needed goods. Shoppers are also more reluctant to take out credit lines as ongoing economic uncertainties make it difficult for them to determine whether they will be able to repay their debts on time.
These two forces appear to be driving an increase in consumers’ use of touch-free debit payment options. Many shoppers are now loading their debit card details into mobile wallets and ordering apps, keying the information into online checkouts or waving contactless debit cards at POS terminals.
The September Next-Gen Debit Tracker® digs into how consumers’ debit usage is shifting to drive a massive surge in eCommerce purchases. It also examines how merchants and financial institutions (FIs) are responding and working to enable easy contactless and online purchasing while keeping such card-not-present (CNP) transactions safe.