It’s estimated that Americans lose approximately $50 billion a year to financial scams, and there are indirect costs like bounced checks, late fees, trouble meeting monthly expenses and even bankruptcy.
So, it’s no stretch to say that fraud also results in emotional costs, which are, in fact high. 50% of victims report having felt severe stress, and over 1/3 report having fallen into depression because of fraud. 69% of a recent survey respondents reported they felt fear concerning their personal financial security. 81% said they felt frustration and annoyance, and 58% reported to have felt rage or anger.
Fraud in Fintech
Fraud is a growing issue all over the world and is the hardest problem in fintech. So, it’s no surprise that some of the existing most advanced AI innovations aim to tackle the problem of fraud. When it comes to criminals, they are using the latest technology such as bot attack generation to add to carts 5 times faster than humans, often targeting newly launched or valuable products.
If you’re are looking for the latest fraud protection and prevention services for your online business, turn to emerchantbroker.com. EMB is the nation’s #1 high risk credit card processing company that offers unmatched payment processing services and the best terms in the industry. EMB boasts an A+ rating with the BBB and an A rating with Card Payment Options.
Fraud Prevention and Chargeback Insurance from EMB
With emerchantbroker.com, you can enjoy merchant chargeback insurance, which will help not only your business but also your customers. According to EMB’s co-founder Blair Thomas, it’s always wise to post about chargeback insurance on your website and tell how it’ll your customers in the case of a fraudulent transaction. Emerchantbrok.com offers affordable and easy-to-acquire chargeback insurance to merchants of any type and size.
To fight fraud in this day and age requires transforming lots of raw data into complete and accurate insights about transactions as they happen. Such data intelligence results in a situation where businesses can gain a detailed understanding of their customers. In the wake of this, bankers and merchants can make tough decisions confidently in milliseconds.