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Tokenization could help stamp vice, projected to beat the $340 billion mark by 2027

Author: Content Editor
The Global Payments report predicts that digital fraud could surpass $340 billion by 2027, but suggests that tokenization can help combat scams in the e-commerce sector. Tokenization converts sensitive data into digital tokens, enhancing security and reducing the need for complex verification processes. The report states that tokenization technology could account for $290 billion of the global e-commerce sector's transactions by 2030, leading major players like Amazon to adopt tokenization. However, the report highlights that the US lags behind Europe and Asia in efforts to thwart digital fraud, but is now adopting new technologies like passkeys. The report also calls for concerted efforts to fight digital fraud, as AI-based phishing attacks increase with the adoption of remote work and AI technologies.

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