There is a Special Place in Hell for Credit Card Fraudsters in the COVID-19 World

A Federal Reserve Bank of Atlanta blog talks about exacerbated ecommerce fraud during the current crisis:

There is no question that with the current COVID-19 environment, our daily habits have undergone tremendous change. As part of that change, I expect that ecommerce sales will increase at a greater rate in 2020 than in 2019.

Following social isolation guidelines, consumers and businesses are turning more and more to conducting their commerce transactions online. Prepaid carry-out, drive-through, and delivery orders now dominate the dining industry as inside dining options have been largely shuttered. Large retailers have been promoting online ordering and ship-to-home delivery options as their stores are closed.

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TransUnion reports that in the week from March 11 to 17, when the World Health Organization classified COVID-19 as a global pandemic, e-commerce transaction volume increased 23 percent over the previous week. With increased volumes come risk… Payments Journal

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