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The term “virtual terminal” is a catch-all phrase that describes the many ways to process an online or mobile transaction. The term comes from the analogy to the physical retail space. When using a physical credit or debit card for a transaction, the store clerk swipes it through a device called a terminal in order to process the transaction.
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Fraud statistics are shocking. In the United States, 46% of credit card holders have been a victim of fraud within the past five years. The Nilson Report estimates that worldwide losses were more than the equivalent of US$24 billion during 2016. This figure was an increase of 12% from the previous year.
Card-not-present transactions are still very vulnerable to fraud; however, transactions, where the customer presents the physical card in order to make a purchase, are getting a new boost in security through biometrics.