This figure is equivalent to almost 10 times Amazon’s net income in the 2020 financial year
According to Juniper Research, merchant losses to online payment fraud will exceed $206 billion cumulatively for the period between 2021 and 2025.
The research identified that the pandemic has led to a surge in synthetic identity and account takeover fraud, which threaten the security of entire accounts, alongside associated payment data.
It found that remote physical goods purchases are the leading cause of online payment fraud, accounting for over 47% of fraud losses in 2021.
The research also found that spending on fraud detection and prevention platform services will exceed $11.8 billion globally in 2025, from $9.3 billion in 2021.
We’ve reported that cyber insurance industry to exceed $20 billion by 2025.