Online payment fraud losses to reach USD 48 bln by 2023

Wednesday 21 November 2018 10:53 CET | News

Annual online payment fraud losses from ecommerce, airline ticketing, money transfer and banking services, will reach USD 48 billion by 2023, according to Juniper Research.

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.

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Keywords: Juniper Research, study, data breaches, identity theft, online payment fraud, airline ticketing, money transfer, synthetic ID, banking services
Countries: World

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