The rapid growth of e-commerce has exposed businesses to financial risks including fraud, data breaches, and payment processing failures. In 2022, e-commerce companies suffered losses exceeding $40 billion due to payment fraud, pushing them into a cycle of rising costs for fraud prevention and compliance. The burden is particularly severe for small and medium-sized enterprises. To address these risks, it is vital for online retailers to adopt robust risk management strategies, including the implementation of secure payment gateways to safeguard transactions and protect sensitive information from cyber threats.
E-commerce businesses lost more than $40 billion from payment fraud in 2022, emphasizing the urgent need for enhanced security measures against rising cyber threats.
The implementation of secure payment gateways is crucial for e-commerce companies. These gateways encrypt sensitive data, ensuring safe transaction processing and protecting against financial vulnerabilities.
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