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Online Payment Fraud Expected to Cost $343B Over Next 5 Years
Fraudster innovation will continue to drive successful phishing, business email compromise, and socially engineered attacks, researchers say.
Despite ratcheted-up efforts to prevent account takeover, fraudsters are cashing in on a range of online payment fraud schemes, which researchers predict will cost retail organizations more than $343 billion over the next five years.
Physical good purchases are loss leaders, making up 49% of online payment fraud, driven in large part by developing markets with little address verification, according to a new Juniper Research report.
“Fundamentally, no two online transactions are the same, so the way transactions are secured cannot follow a one-size-fits-all solution,” Nick Maynard, the report’s author, explained in a statement along with the latest online payment fraud findings. “Payment fraud detection and prevention vendors must build a multitude of verification capabilities, and intelligently orchestrate different solutions depending on circumstances, in order to correctly protect both merchants and users.”
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