Igal Rotem, CEO at Credorax, spoke to PaymentExpert about the evolving threat of fraud and how it impacted the busiest period for e-commerce.
PaymentExpert: How has the climate for online fraud changed since the start of the pandemic and how long-lasting will this be?
Igal Rotem: Since the start of the pandemic many businesses have realised that to stay competitive in this new reality, they must have an online presence and online payments capabilities.
Those who already had online businesses experienced a significant surge in their online activity with local and global shoppers favouring no-contact shopping and delivery. Credorax saw the daily number of transactions grow more than 130% compared to the period before COVID. Businesses that had previously worked locally expanded to new regions to make up for lost in-person business caused by lockdowns and local restrictions.