For enterprises that handle credit card data, which means just about every consumer-facing company, payment processing is a mission-critical system that requires the highest levels of security.
The volume of transactions conducted with general purpose credit cards (American Express, Discover, Mastercard, Visa, UnionPay in China, and JCB in Japan) totaled $581 billion in 2021, up 24.5% year-over-year, according to the Nilson Report.
However, credit card issuers, merchants, banks, and third-party transaction processors lost $28.58 billion to credit card fraud in 2020, which comes to nearly 7 cents per $100 in purchase volume. And the Nilson Report projects credit card losses will exceed $400 billion over the next 10 years.
