The current environment fails to offer the appropriate equitable incentives for all stakeholders involved in what is currently classified as card-not-present transactions to innovate and invest in the best fraud prevention technologies.
Minneapolis, MN (PRWEB)
February 24, 2017
Online and mobile commerce sales continue to grow at a rapid pace in the United States. According to a report from the U.S. Department of Commerce, U.S. online retail sales nearly quadrupled in the decade from 2005-2015, and today account for roughly $340 Billion, or 10.6%, of total retail sales.
As customers seek shopping experiences that offer more convenience, the retail community has introduced new service models to deliver on those evolving customer expectations, and it is critical the payments ecosystem keep pace with these changing dynamics. There is tremendous potential to provide better security in online and mobile commerce environments because of the enhanced technology, authentication tools, and data available on these digital commerce transactions.
The Merchant Advisory Group (MAG), which represents over 100 of the largest merchants and franchisors in the United States, recently formed a task force focused on these types of sales. MAG merchants participating in the task force represent well over…