[stock-market-ticker symbols="FB;BABA;AMZN;AXP;AAPL;DBD;EEFT;GTO.AS;ING.PA;MA;MGI;NPSNY;NCR;PYPL;005930.KS;SQ;HO.PA;V;WDI.DE;WU;WP" width="100%" palette="financial-light"]

eCommerce losses to online payment fraud to exceed $25 billion annualy by 2024. Growth of 52% over the next four years.

2 aprilie 2020

China will account for 42% of all eCommerce payment fraud in 2024.

A new study from Juniper Research found that eCommerce merchant losses to online payment fraud will exceed $25 billion in 2024, from just of $17 billion in 2020, despite the ongoing implementation of SCA (Secure Customer Authentication) in Europe.

The new research, Online Payment Fraud: Emerging Threats, Segment Analysis & Market Forecasts 2020-2024, found that the popularity of eCommerce and increased card-present security with the introduction of EMV, have made eCommerce payments a compelling target for fraudsters.

The research highlighted that eCommerce merchants outside Europe must adopt similar measures to SCA, including two-factor authentication, or they will suffer from increasing levels of sophisticated fraud. Payment gateways will be vital to ensure that these security requirements are implemented at scale.

For more insights, download the free whitepaper: Fighting Online Payment Fraud in 2020.

Cybersecurity & human element crucial to securing eCommerce

The new research observed that as well as implementing further payment security measures, eCommerce merchants must take on a more educational role for their users. This role will primarily be education about cybersecurity practices, common fraud methods and changes to the checkout process to improve fraud mitigation. This will be essential in China, which will account for 42% of all eCommerce payment fraud in 2024.

Research co-author Nick Maynard explained: “The explosion of eCommerce means that fraudsters have evolved their tactics, and so merchants must also evolve. eCommerce merchants must educate their users in anti-fraud best practice, as the human element is consistently the most vulnerable to exploitation in the online payments ecosystem”.

Anti-fraud measures must not increase friction

The research also identified that while additional security measures, including two-factor authentication, must become more widespread, merchants must be careful when implementing these changes. Increased friction in the checkout experience must be minimised, or merchants will face increased cart abandonment rates.

Juniper Research recommends that security vendors work with merchants to build security measures into shopping apps that ensure a low-friction user journey, whilst encompassing increased authentication requirements.

Adauga comentariu

Noutăți
Cifra/Declaratia zilei

Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?