BASINGSTOKE, U.K. –A new study from Juniper Research is forecasting that merchant losses from online payment fraud will exceed $362 billion globally between 2023 to 2028, with losses of $91 billion alone in 2028.
“A rise in eCommerce transactions in emerging markets is driving this growth. Merchants there are facing new threats, such as an increased use of AI for attacks,” Juniper Research said in releasing its findings, noting the different fraud strategies include phishing or account takeover.
The findings are included in the report, Online Payment Fraud: Market Forecasts, Emerging Threats & Segment Analysis 2023-2028. A free sample is available for download.
As part of the study, Juniper Research also released its latest Competitor Leaderboard for 2023.
“Underpinned by a robust scoring methodology, the new Competitor Leaderboard ranked the top 21 fraud detection and prevention vendors, using criteria such as the relative size of their customer base, completeness of their solutions and their future business prospects,” Juniper said.
According to the company, the top five vendors for 2023:
- LexisNexis Risk Solutions
- Experian
- ACI Worldwide
- Visa
- FICO
Breadth of Offerings
“The research found that the leading players scored well based on the breadth of their anti-fraud orchestration capabilities, as well as their use of AI for analyzing trends in fraudster behavior,” Juniper said.
In order to stay ahead of the competition, Juniper said vendors must utilize data collected throughout the eCommerce process to further develop their fraud detection and prevention solutions through training and advancing AI models.
“Fraud detection and prevention providers must educate their clients in the importance of data sharing, in order for the highest accuracy within their solutions,” said research author Cara Malone. “This is increasingly important with the growing use of AI, as it utilizes a variety of data to examine patterns within fraud, which is extremely advantageous in a space where fraudsters usually attack at scale, rather than attacking a specific customer.”
It’s Called Fresh for a Reason. And We Offer Home Delivery. For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com