September 21st, 2020 - Payments
By Brian DuCharme, Vice President of Product Management, TNS Payment Solutions
In the wake of COVID-19 The Secure Payment Council (SRPc) recently conducted a futures scenario assessment on the most pressing initiatives the industry will need to tackle once the COVID-19 quarantine eases and businesses resume some kind of normalcy. The project involved a niche-focused study on the most pressing retail payment and debit network processing issues, and consulted nine industry experts, including myself.
We were invited to share our views on the impact assessment of several future scenarios which might transpire within the payments industry over the next six months. Online fraud was one of the most pressing issues therefore I have provided my key takeaways from this and I will also be writing blogs about two other scenarios that scored highly Deployment of Contactless Accelerates After COVID-19 and Customers Remain Cautious About Touching Public Surfaces in the Aftermath of COVID-19, check back soon for these insights.
Online fraud grows beyond original projections
For retailers, fraud is always at the top of the list of concerns and it was no surprise to see it ranked highly within the SRPc’s ‘Futures Scenarios Post COVID-19’ report for probability of occurrence and impact over the next six months.
Merchants should be looking at their payments systems and analyzing their security as bad actors may try to use COVID-19 to their advantage. The virus has brought with it a boom in online sales and a new wave of vulnerable customers who are not au fait with online payments.
This spike in online transaction volumes is leaving many businesses vulnerable to fraud if they don’t have the defences in place to identify and combat fraudulent transactions like tokenization or encryption. Talking to a trusted payments specialist like TNS can help alleviate some of the pressures and take away the complexity involved by streamlining your payment systems securely.
Learn more about the Secure Remote Payments Council’s Future Scenarios Post COVID-19 Insights into the Near-Term Impact to the Payment Processing Business Report
Remember to visit our blog page again next week for further insights from this report in Deployment of Contactless Accelerates After COVID-19.
Brian is Vice President of Product Management for TNS’ FinTech Payments business and has over 20 years’ experience in the telecom and payments industries. At TNS, he leads a diverse global team and is responsible for driving product innovation for safer, more secure commerce.