Page 108 - Cyber Defense eMagazine January 2024

How Businesses Can Manage Cryptocurrency

Fraud

With cryptocurrency payments on the rise, businesses must learn how to safeguard against
potential risks.

By James Hunt, Subject Matter Expert Payments, Feedzai

Businesses across the US are seeking innovative payment methods, with an estimated 75% of retailers
looking to embrace cryptocurrency payment options in 2024. However, with cryptocurrency becoming
increasingly synonymous with fraud, businesses must continue to take the right steps to protect
themselves and their customers.

Weighing up the risk and benefits

Approximately 2,352 US businesses have embraced cryptocurrencies such as Bitcoin for transactions.
However, it's crucial for business owners to weigh the pros and cons before diving in. A significant
concern is the reputational risk associated with cryptocurrency acceptance. Not all customers view

Cyber Defense eMagazine – January 2024 Edition 108
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