The global coronavirus pandemic has accelerated digital transformation, affecting every aspect of how societies function and causing various challenges in conducting daily activities. In particular, governments are forced to utilize online payment platforms to distribute funds and pay employees.

Overall, the pandemic has highlighted the need to embrace the use of the internet for online transactions, especially in the realm of financial services as it is convenient. It offers speed, transparency, and most importantly, security.

However, the biggest threat to the way people transact today is fraud. Fraud statistics for digital transactions rack up to millions of dollars in losses for many business entities. These figures are expected to triple in the following years considering many fraudsters with malicious intent are leveraging today’s situation to commit wrongdoings.

As fraud incidents are on the rise, robust protection from fraud is a must. The SCA or Strong Customer Authentication is a regulatory requirement for European businesses that aim to reduce fraud and risks associated with offline contactless payment.