Description
Countries Covered: Austria, France, Germany, Italy, Spain, Switzerland, UK
Pages: 62
Publication Date: 10/07/2019
Questions Covered in the report:
What are the top online payment fraud prevention trends in Europe and worldwide?
How are the Strong Customer Authentication requirements projected to affect the development of European digital payments?
How large are the online payment fraud losses in Europe’s largest E-Commerce market?
What measures are taken by online merchants in selected European markets to prevent payment fraud?
How important is the consideration of online payment security to digital buyers in Europe?
Key findings:
Europe Payment Fraud & Security Landscape Transforms Amidst Changing Regulation
Changing regulations to affect online payment security in Europe
E-Commerce merchants, banks and payment providers across the EU are preparing for the onset of the Strong Customer Authentication (SCA) requirements, to enter into force in September 2019. While these regulations are aimed at strengthening the security of online payment transactions, the industry participants voice a concern over the low levels of readiness and awareness on all sides of the digital payment flows. According to one estimate cited in the ySatts.com report, the market could lose billions of Euros in economic activity during the first year after the requirements take effect.
Security worries in E-Commerce payments remain strong
At the same time, online shoppers’ concern over the security of payment transactions in E-Commerce is still strong. More than two-thirds of digital buyers queried in a recent survey believed that there were not enough payment security checks in online shopping. The consumers’ worries are supported by industry data showing the rising volumes of card not present fraud, the yStats.com report reveals. In the UK, over one-half of all payment fraud stemmed from remote transactions, with a double-digit increase year-on-year. As a result, fraud prevention is expected to remain among the leading payment-related topics on E-Commerce merchants’ agenda for the next several years.