In the past year, a staggering 82% of large merchants in the U.S. have faced cyberattacks, reflecting a significant rise in digital threats. These attacks often result in financial losses and a loss of customer trust. The report from PYMNTS highlights that outsourcing fraud prevention to specialized providers can mitigate these issues, showing a 32% reduction in failed payment rates compared to handling fraud prevention internally. Despite these benefits, only 53% of merchants use two-factor authentication (2FA) for transactions, leaving a substantial gap in their cybersecurity defenses. The findings underscore the importance of adopting comprehensive security measures to safeguard against increasingly sophisticated cyber threats.
