Ecommerce fraud prevention needed in the US, report suggests

The US ecommerce fraud prevention market is growing, as ecommerce sales are expected to generate more than USD 700 billion in the US by 2023. The online environment has emerged as the preferred channel for fraudulent transactions.

ReportLinker is a market research solution and its research indicates that ecommerce fraud prevention solutions focused primarily on static data and rule-based analytics to address transaction fraud are inadequate for preventing sophisticated fraud mechanisms. Moreover, there is a clear need for behavioural, analytics-based fraud management solutions that can leverage the power of ML and AI to identify threats and assist with timely decision-making for fraud prevention. Equally important is the ability to collect, create, and augment data from across verticals, industries, various sizes of companies, locations, and types of products to find patterns and behaviours that would otherwise be hidden if the data were only across one network, vertical, or location.

Also, Yahoo Finance reveals that what the provider is able to do with the data is what matters for successful ecommerce fraud prevention. The radar unveils the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the radar methodology.