Payment fraud is a huge problem for eCommerce and online retail businesses. Even among the world’s biggest companies, there are horror stories about payment security problems like credit card data theft and financial fraud: Cyberthreats like carding attacks are responsible for most modern large-scale data theft. Payment fraud losses cost companies more than $33 billion in 2021 — and this is expected to rise to more than $40 billion by 2027.

From TVs to fridges to energy meters, more and more of the items we use every day are now smart devices. 87% of US households have at least one smart TV, up from 50% in 2014. And with ownership of smart speakers, thermostats, lights, and security systems also on the rise, it’s expected that smart homes will soon become the norm. This ever-expanding network of smart devices is known as the Internet of Things (IoT).

Many businesses argue that they need to collect information about customers to verify who they are and secure their accounts. However, this is at odds with online privacy advocates, who say organizations are compromising our security by collecting far too much information about us.