This amount is up from the USD 22 billion in losses projected for 2018. The research, Online Payment Fraud: Emerging Threats, Segment Analysis & Market Forecasts 2018-2023, claims that a critical driver behind these losses is the continued high level of data breaches resulting in the theft of sensitive personal information.
With the global rise in instant payment schemes and a focus on transactional rather than behavioural risk, Juniper forecasts that money transfer would be particularly vulnerable, with fraud losses increasing by over 20% per annum to USD 10 billion in 2023.
Another trend spotted by the research company in its study is the emergence of ‘fraud-as-a-service’ economy. Techniques practiced by the Magecart and Fin7 groups would become more common as fraudsters seek to create products from their knowledge. Here, the groups used a combination of malware and cross-channel approaches for criminal gain.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.