What is a common consequence of failing to properly secure online payments?

The correct answer is increased fraud risk. Failing to properly secure online payments often leads to vulnerabilities in the payment processing system, which cybercriminals can exploit. This can result in unauthorized access to sensitive financial information, such as credit card details, personal identification numbers, and banking data. When security measures are inadequate, it not only increases the likelihood of fraud but also can result in data breaches that undermine the overall integrity of the payment system.

In this context, when customers perceive that their information may be at risk, they may be less inclined to use online payment services, adversely affecting a business's reputation. Security breaches can lead to significant financial losses for both consumers and businesses due to fraudulent transactions, chargebacks, and costs associated with rectifying the breach.

Understanding the implications of secure payment processing is vital, as a lapse in security can have far-reaching consequences for businesses, including loss of customer loyalty and increased operational costs.