Tan Truong: The pandemic has really supercharged the acceleration of e-commerce growth – by some analyst accounts, the industry has jumped about five years ahead of its already steep growth trajectory. Total online spending in May, at the height of the pandemic, was up 77% year-over-year. But even many brick-and-mortar sales are no longer traditional in-store purchases, thanks to the rising popularity of curbside pickup options that allow consumers to make a purchase online and have merchandise dropped right into their car by a sales associate within minutes.

Unsurprisingly, fraud has also skyrocketed as consumers and retailers both look to prioritize health and safety by embracing contactless transactions. Some researchers are projecting that retailers will lose about $130 billion in revenue due to CNP fraud between now and 2023.