E-commerce to lose $25B due to payment fraud by 2024: research

Since the e-commerce payments gained their popularity, they became a compelling target for fraudsters

payment fraud

E-commerce losses to online payment fraud to pass $25B by 2024: research. Source: shutterstock.com

According to Juniper Research, e-commerce merchant losses to online payment fraud will exceed $25 billion by 2024, compared to $17 billion in 2020.

The study highlighted that non-European e-commerce merchants should adopt two-factor authentication to prevent increasing levels of sophisticated fraud. In addition to that, payment gateways will be essential to ensure these security requirements are implemented at scale.

Besides, the research claimed that e-commerce merchants must take on a more educational role for their users. This way, they will gain knowledge about cybersecurity practices and common fraud methods. Furthermore, that might encourage them to make changes to the checkout process to improve fraud mitigation.

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
Nick Maynard, research co-author 

SEE ALSO:

facebook