According to Nilson Report, credit card fraud losses reached $28.65 billion worldwide in 2019. On top of that, the U.S. is the most card fraud-prone country in the world, accounting for more than a third of the total global loss alone.

To combat credit card fraud, merchants need a foolproof way to make payments secure and protect cardholder data. They need to ensure that the data is never captured or transmitted within the systems in a human-readable format, no matter the payment method.