Accepting credit cards is necessary for most small businesses, but it also opens the door to fraud. When a fraudulent credit card transaction occurs, your business might lose the product and shipping costs and even be required to refund the purchase.
According to Statista, the value of fraudulent card transactions worldwide is expected to rise sharply, from $32.34 billion in 2021 to an estimated $43.47 billion by 2028. This underscores the growing need for businesses to take proactive measures
