Description
Countries Covered: Australia, Austria, Brazil, Canada, China, Colombia, France, Germany, Italy, Japan, Mexico, Morocco, South Africa, Spain, Switzerland, UAE, UK, USA, Vietnam
Pages: 86
Publication Date: 15/03/2022
Questions Covered in the report:
- What was the worldwide estimated value of B2C E-Commerce losses to online payment fraud in 2021?
- How is the number of users making online payments with facial recognition predicted to develop globally between 2020 and 2025?
- What were the most trusted payment methods in France in 2021?
- How did the average monthly shares of successful and prevented fraud attacks change in the US and Canada between 2020 and 2021?
- What were the most critical criteria considered when choosing an online shopping site in Colombia, South Africa, and Morocco?
Key Findings:
The user base authorizing online payments with facial recognition is expected to more than double globally from 2020 to 2025, growing at a CAGR of 16%: new yStats.com report.
Digital banking fraudulent transactions committed via a mobile app become more common in Q2 2021
With the increasing pattern of mobile phone usage for online activities such as shopping, making payments, or banking, fraudsters started to follow up and target these devices too. Namely, the share of digital banking fraudulent transactions worldwide executed via a mobile app witnessed a steady increase in the past couple of years, with the total share of fraud committed on a mobile reaching over 50% in Q2 2021. In China, the most common security issue that happened in mobile payments was personal information leakage in 2020. Furthermore, most mobile payment users in China claimed that “security” needs improvement in mobile payments in 2020. In France, almost 4 in 5 adults were afraid of becoming victims of fraud when making mobile online payments remotely, as per an October 2021 survey. In Vietnam, nearly a third of those surveyed in September 2020 were motivated to use mobile payments thanks to safety and security.
With the enhancement of E-Commerce globally, the losses to online payment fraud are expected to grow
As E-Commerce worldwide expands at a great pace, so do the fraud cases, which especially proliferated in 2020 after the new coronavirus broke out. This is because consumers globally switched intensively to online shopping. So, the value of B2C E-Commerce losses to online payment fraud worldwide was anticipated to increase by 18% y-o-y between 2020 and 2021, to surpass 20 billion US dollars in 2021. Moreover, extensive fraud actions were seen in the European region. For instance, in the DACH region (Germany, Austria, and Switzerland), over 90% of online retailers experienced fraud or fraud attempts in the past 12 months, as of March 2021. The value of E-Commerce fraud loss on the UK-issued cards in the United Kingdom increased steadily over the years, as did the share, holding well above 60% of total card fraud in 2020. In the United States, however, the share of successful monthly fraud attacks in E-Commerce declined greatly by 23 p.p. from 2020 to 2021.
“Security” was the most important factor to consider among consumers worldwide during an online experience in 2021
The behavior and preferences of consumers worldwide changed considerably over the past couple of years and it was also the case with respect to security. For instance, over 80% of consumers globally considered “security” as the important factor during their online experience, as per a September 2021 survey. When it came to attitudes towards interacting with businesses online, almost half of the global consumers surveyed in January 2021 claimed that they felt safer thanks to the more complex security procedures implemented by businesses. In addition, 3 in every 5 consumers in the Asia-Pacific stated that they used more security steps while online as of January 2021. In Canada, almost 70% of respondents of a February 2021 survey believed that shopping online led to a higher level of fraudulent activity, thus, over half of them felt safer shopping in brick-and-mortar stores. Hence, consumers increasingly opted for securing their experiences with authentications, such as using facial recognition while making online payments which is projected to grow about 16% CAGR between 2020 and 2025 all over the world. In addition, the number of users confirming their transactions with voice recognition around the world is forecasted to grow considerably at a CAGR of 45% between 2020 and 2025.
