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billion to fraud in 2022, an increase of over 30% from 2021, according to the latest Federal Trade Commission data. For software companies embedding payments into their platform, being aware of payment fraud is critical for several reasons. Consumers reported losing close to $8.8 billion, and online shopping.
With a whopping 84% of American adults owning at least one credit card (the average is 3 credit card accounts per person), card payments reached $9.43 trillion in 2021. In fact, that’s the fastest growth rate for card payments…ever. But to do most of that, you need to have a credit card processor.
It also offers advanced security features and compliance support, safeguarding sensitive customer information. Regtech solutions automate compliance processes, reduce the risk of human error, and ensure that companies adhere to legal requirements. One of the most significant changes has been the rise of mobilepayment solutions.
This is the largest chunk of the merchant fees that need to be paid for payment processing , amounting to between 70% and 90% of the average credit card processing fees. However, 2020 and 2021 have been exempt from these changes, which are paused until April 2022 , giving merchants some respite from the financial stress of the pandemic.
To succeed in this evolving regulatory landscape, Fintech companies need to prioritize compliance and maintain a high level of transparency in their operations. In fact, Forbes Advisor found that 2023 saw a staggering 72% increase in data breaches since 2021. and the Financial Conduct Authority (FCA) in the U.K., billion by 2033.
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