CMSPI estimates that retailers lost about $30 billion in potential online sales last year from e-commerce transactions that were declined for a variety of reasons including fraud, insufficient funds, technical problems and errors.

Forter has joined the Adobe Exchange Partner program, enabling Magento Commerce merchants to reduce false declines and block fraud attempts.

There are new regulations to address, but many requirements streamline current AML practices, says Mark Srere, an attorney at Bryan Cave Leighton Paisner.

One particular type of scheme, swapping, involves thieves stealing and replacing cards before the consumer is aware, says The ai Corporation's James Crawshaw.

With this sudden and swift shift that is generating thousands more digital payment transactions per day than even just a few months ago, the opportunities for fraud are rising exponentially, says the FIDO Alliance's Andrew Shikiar.

Even before digital transactions took off as a result of the pandemic, chargebacks were becoming more common, says Chargehound's Pallavi Kuppa-Apte.

The abrupt shutdown of retail a year ago led to a rise of digital shopping — and fraud. And the most tech-savvy consumers may be the most vulnerable, according to TransUnion data.

The abrupt shutdown of retail a year ago led to a rise of digital shopping — and fraud. And the most tech-savvy consumers may be the most vulnerable, according to TransUnion data.

Keeping up with new retail trends shouldn’t come at the cost of keeping personal information safe, says Bluefin's Ruston Miles.

Michael Moeser, senior analyst at PaymentsSource, talks to Shai Cohen, senior vice president of global fraud solutions at TransUnion, about the rapid evolution of fraud in the digital era.