Canadian consumers are embracing digital payments in the COVID-19 era. In fact, a staggering 79 per cent of consumers have adapted their shopping methods due to the pandemic, with nearly 76 per cent of Canadians using contactless payments at the point of sale1, and 42 per cent shopping online whenever possible2. While presenting enormous opportunity for digital-first retailers, these new behaviours are not without risks.
Fraudsters have sought opportunities to exploit changes in how people pay for goods and services. About three in ten Canadian businesses have reported experiencing a spike in the volume of cyberattacks since the start of COVID-193. In turn, we are seeing more than half of organizations implementing new security procedures to ensure transactions remain trusted and secure, directly in response to COVID-194.
At Visa, we have made investments to assist issuers and merchants with fraud prevention so that as purchasing behaviour increasingly shifts online, the foundation of trust in digital payments remains strong for many years to come.