With $48 billion fraudulent payments expected in 2023, eCommerce losses are expected to increase 16% in 12 months.
Juniper Research says the loss is expected to be $41 billion this year. Growth in 2023 will be accelerated by the increasing use of alternative payment methods, such as digital wallets and BNPL (Buy-Now-Pay-Later).
Online payment fraud includes losses across the sales of digital goods, physical goods, money transfer transactions and banking, as well as purchases like airline ticketing. Fraudster attacks can include phishing, business email compromises, and socially engineered fraud.
The report recommends fraud prevention vendors focus on building platforms providing AI-powered risk-based scoring, which can be payment method agnostic, to best suit changing market conditions.