Cumulative losses due to online payment fraud set to increase
According to Juniper Research, cumulative merchant losses to online payment fraud globally between 2023 and 2027 will exceed $343 billion. The purchase of physical goods will generate the most cumulative losses from online payment fraud globally in the next 5 years, growing by 110%.
Despite the increasingly widespread use of identity verification measures, attackers manage to do irreversible damage with innovations in areas such as account takeover fraud, where a user’s account is hijacked.
The biggest challenge is the specificity of each individual online transaction, so there is no one-size-fits-all solution to counter attacks where techniques range from phishing, business email compromise to socially engineered fraud.
Learn more at Help Net Security.