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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