When you open your wallet to make a payment on a loan or bill, have you ever considered why you reached for a particular payment method? Whether you are trying to earn travel miles on a credit card or are being mindful of your budget with debit cards, we all have different reasons for making our payment choices.

For many businesses, 2022 was a year of digital transformation. Continuing through 2023, we expect more companies to leave behind the days of paper and manual processes and take that first step to digitize processes by automating their payment procedures and ditching paper checks.

Payment fraud has been rising for years as fraud schemes become easier to execute. The increased reliance on digital platforms, processes and payments has given fraudsters more ways to commit crimes. Studies show that in 2023, businesses' cost of fraud could rise by $7 billion, bringing the total to $48 billion. With such staggering predictions, taking the necessary precautions to mitigate these attempts is essential.