"Fraud incidents have negative implications for brand reputation and consumer confidence. A single breach can diminish trust and damage perceptions of the brand involved."
"An overwhelming majority of consumers (98%) say the security of their personal information is important when deciding to use an emerging payment experience."
"76% of consumers are willing to take additional steps at log-in or checkout to boost security, indicating a strong desire for enhanced protection."
"Three-quarters of consumers would no longer buy from a brand that had a cybersecurity incident, highlighting the severe impact on consumer trust."
In 2024, consumers reported over $12.5 billion lost to fraud, marking a 25% increase from the previous year. Online shopping fraud was the second most common type reported. Businesses face risks of financial loss and reputational damage due to fraud incidents. A single incident can erode customer confidence. Security is a top concern for consumers, with 98% prioritizing personal information security. Three-quarters would stop buying from brands experiencing cybersecurity breaches, and 32% of businesses reported negative media coverage due to fraud incidents.
Read at www.paymentsdive.com
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