When implementing eCommerce cryptocurrency payments, think safety first

Cryptocurrency is one of the most talked-about topics in the world right now and has seen substantial growth in the last couple of years.

What started out as a general alternate decentralised currency has turned into what could be considered the future of modern finance.

More and more, consumers are looking for tangible utilisation of crypto in their everyday lives, and e-commerce companies are seeing this as an opportunity for new growth. According to a Visa survey, one out of every four businesses plan to accept crypto in 2022, and 82% of SMBs said they plan to accept some form of digital currency in the future.

While implementing cryptocurrency systems may be a golden opportunity for a business or enterprise, it can also come with substantial risks. Dodgy deals and false opportunities can arise, and threats and fraud are rife in the market.

With the Visa survey also revealing a 94% global awareness of crypto, it’s clear that consumers and businesses need to be aware of these threats to successfully adapt to new alternate payment solutions. Merchants need to make sure payments and tech infrastructure are smartly integrated with fraud detection, and consumers need to know they can take part in secure transactions.

Digital security company Sift , experts in crypto fraud and theft prevention solutions, have recently partnered with Visa and Checkout.com to provide insight on the ways companies and commerce providers can create seamless crypto transactions without being stung.

At the core, they believe that leveraging the right technology is paramount to ensuring a company is able to detect when a suspicious actor is accessing an account, using a stolen credit card, or using fiat to purchase cryptocurrency.

The future of crypto is set to change, and the group believes being aware of a number of critical features while prioritising safe crypto transactions through […]

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