The Paypers launches the Fraud Prevention in Ecommerce Report 2023-2024

Tuesday 14 November 2023 15:07 CET | News

The Paypers has launched its latest edition of the Fraud Prevention in Ecommerce Report, the ultimate source for the latest trends in the fraud prevention ecosystem.

The Fraud Prevention in Ecommerce Report 2023-2024 features insights into the latest developments in the fraud prevention area, providing a clear overview of how fraudsters changed their modus operandi and have adopted new ways to commit fraud.

What you’ll find in the report

Key trends in ecommerce fraud to watch out for in 2024

Scamming, phishing/vishing, account takeover, chargebacks and friendly fraud, identity fraud, authorised push payment (APP fraud), and romantic scams remain the most prevalent types of fraud in 2023. Specialists in the field such as the MRC, Global Anti-Scam Alliance (GASA), Chargebacks911, Datos Insights, Consult Hyperion, Cleafy, and others share their updates in the field, as well as new techniques to stay ahead of fraudsters and scammers.

Emerging technologies in fraud

With the development of GenAI, fraudsters have become more dangerous than ever, requiring little to no tech preparation to cause damage to both companies and human users. GenAI has become the number one threat in fraud and will continue to expand its reach in 2024, forcing businesses to invest more in cutting-edge technologies to identify and combat synthetic identities, bot attacks, and fraud rings.

Fraud prevention strategies and solutions

As fraud evolves rapidly, there is no one-size-fits-all solution to mitigate threats. Fraud detection should happen in real time, and it is up to merchants and solution providers to deploy their latest technology developments to deter fraud at any step during the checkout process. Sift, Worldline, and Justt discuss this topic in-depth, showcasing tips and tricks to shut down account takeovers, first-party misuse, and identity thefts by deploying biometric authentication techniques and more.

Latest updates on technology to help the industry detect and prevent fraud

AI-powered tools can be used both ways – by fraudsters and scammers to steal funds from companies and end-users, and by companies who are looking to prevent this phenomenon. By combining AI with machine learning, data analytics, and digital IDs, merchants have a real chance to combat fraud at any point. Edgar, Dunn & Company, ACI Worldwide, Ecommpay, and Allyiz share their decades of knowledge in the field to discuss key trends in fraud prevention.

Standards and compliance

EverC, Juniper Research, and Lexis Nexis Risk Solutions tackle topics such as 3DS and PSD3, discussing the importance of their adoption across countries to efficiently onboard customers and help them enjoy a safe e-shopping space.

As the European Commission launched discussions about the upcoming PSD3, solution providers, merchants, e-money institutions, and more benefit from an extended playground to remain compliant with international regulations and protect their customers even more. PSD3 proposes new ways to help enterprises prevent fraud, emphasising the importance of open data and creating a common ground to fight ecommerce fraud.

Mapping and infographic

Each year, key players in the fraud prevention industry showcase their core solutions that help merchants successfully fight chargebacks, scamming, and other types of ecommerce fraud. Customer onboarding, identity verification, and behavioural biometrics represent some of the technologies these players use to boost acceptance rates and successfully distinguish trustworthy customers from fraudsters.

The Paypers also conducted extensive research to put together the Who’s who in fraud prevention infographic, the ultimate source of global fraud prevention solution providers and their top solutions, including, among others, customer authentication, chargeback management, fraud management and decisioning, KYB, and KYC.

Finally, we invite you to browse through our company profiles section to learn more about global industry leaders in the fraud prevention market and their capabilities.

Download your free copy of the report now to get exclusive insights and make informed decisions in your future business endeavours, as we closely step into 2024 and prepare for its upcoming fraud challenges.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: fraud prevention, ecommerce, report, chargebacks, friendly fraud, identity fraud, APP fraud, biometrics, biometric authentication, artificial intelligence
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime