A new study from Juniper Research has found that the total cost of e-commerce fraud to merchants will exceed $48 billion globally in 2023, from just over $41 billion in 2022. It predicted that this growth will be accelerated by the increasing use of alternative payment methods, such as digital wallets and BNPL (Buy-Now-Pay-Later), which are creating new fraud risks.
The report recommended that fraud prevention vendors focus on building platforms providing AI-powered risk-based scoring, which can be payment method agnostic, to best suit changing market conditions.
Online payment fraud includes losses across the sales of digital goods, physical goods, money transfer transactions & banking, as well as purchases like airline ticketing. Fraudster attacks can include phishing, business email compromises & socially engineered fraud.
To find out more, see the new report: Online Payment Fraud: Market Forecasts, Emerging Threats & Segment Analysis 2022-2027
