Employees or small organizations are using electronic payments more than ever before. As the use of credit cards to make purchases and payments replaces the use of cash, and online merchants supplant brick-and-mortar stores, protecting electronic payments becomes more important.
Whether you are making payments for your own personal consumption or on behalf of your organization, electronic payments need to be protected.
Online sales in the United States grew to a record high of nearly 19 percent during the 2019 holiday season. At the same time, the convenience of using credit cards and other electronic payment services is compelling consumers to rapidly reduce their use of cash.
The 2019 Diary of Consumer Payment Choice report shows that cash is used about 50 percent of the time for in-person transactions under $10 (for things like lunch or coffee). For larger purchases of $25 or more, cash is used only 10 percent of the time. Cyber-criminals are taking advantage of the increase in electronic payments. (more…)