The research found the increased sophistication of fraud attempts and the rising number of attack vectors
E-commerce, airline ticketing, money transfer, and banking services are expected to lose over $200 billion due to online payment fraud by 2024, according to Juniper Research.
The data found that machine learning has become an essential tool in fraud detection and prevention. This is due to the fact it enables payments industry stakeholders to analyze transaction flows in an integrated way. What is more, it would help to unlock hidden insights on fraudulent behaviors. The fraud detection and prevention software will drive spending as to $10 billion in 2024.
The research unveiled that digital money transfer is a growing area for payment fraud with losses estimated to increase by 130% by 2024.
Digital money transfer fraud is especially strong in emerging markets, with payments vulnerable to SIM swapping scam and synthetic identities.