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Fraud and Security in Global Online Payments 2022

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SKU: 1564 Categories: ,
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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.

1. Management Summary

2. Global Developments

  • Overview of Online Payment Fraud Trends, February 2022
  • Overview and Updates of Payment Authentication Solutions, February 2022
  • Breakdown of Digital Banking Fraudulent Transactions, by Channel, incl. Mobile App, in %, Q3 2019 – Q2 2021
  • Value of B2C E-Commerce Losses to Online Payment Fraud, in USD billion, 2020 & 2021e
  • Value of Consumer Losses To Fraudulent Robocalls, in USD billion, 2021e & 2022f
  • Top Important Factors in Consumers’ Online Experience, in % of Consumers, September 2021
  • Number of Users Making Online Payment With Facial Recognition, in billions, 2020 & 2025f
  • Number of Users Who Will Be Confirming Transactions With Voice Recognition, in millions, 2020 & 2025f
  • Attitudes Towards Interaction With Business Online, incl. Purchasing, in % of Adult Consumers, January 2021

3. Asia-Pacific

3.1. Regional

  • Share of Adult Consumers Who Use More Security Steps While Online, in %, January 2021

3.2. China

  • Cybersecurity Issues Encountered, in % of Internet Users, March 2020 & December 2020
  • Types of Online Fraud Cases, in % Internet Users Who Experienced Cyber Fraud, March 2020 & December 2020
  • Top Security Issues in Mobile Payments, in % of Mobile Payment Users, 2020
  • Top Mobile Payment Features That Need Improvement, in % of Mobile Payment Users, 2019 & 2020

3.3. Japan

  • Card Payment Fraud Losses, by Type, in JPY billion, 2015 – 2020 & Q1 2021
  • Value of Fraudulent Remittance Crimes in Online Banking, in JPY billion, and Number of Cases, 2016 – 2020, H1 2020 & H1 2021
  • Top Factors Needed for Entirely Cashless Payments, in % of Respondents, August 2021

3.4. Australia

  • Value of Fraudulent Activities Performed with Australian Cards, by Location, incl. In Australia and Overseas, by Type, in USD million, and Volume, FY 2021

3.5. Vietnam

  • Top Drivers for Using Mobile Payments, in % of Respondents, September 2020

4. Europe

4.1. Regional

  • Reasons for Changed Payment Habits During COVID-19, in % of Consumers, by Austria, Bulgaria, Germany, Italy and the UK, April 2021
  • Share of Online Retailers Who Experienced Fraud/Attempted Fraud in the Past 12 Months, in %, March 2021

4.2. UK

  • E-Commerce Fraud Loss on UK-Issued Cards, in GBP million, and Share of Total Card Fraud, in %, 2015 – 2020
  • Value of Fraud Losses Committed on a UK-Issued Credit, Debit or Charge Card, by UK and International Location, in GBP million, H1 2018 – H1 2021
  • Top Reasons For Changes in Payment Method Habits Changes Amid COVID-19, in % of Consumers, April 2021
  • Share of Adult Consumers Who Use More Security Steps While Online, in %, January 2021

4.3. Germany

  • Share of E-Commerce Companies Who Stated that Fraud Had Risen Sharply/Very Sharply, in %, March 2021
  • Share of E-Commerce Companies Who Stated That Fraud Had Risen Due To COVID-19, in %, March 2021
  • Top Reasons For Payment Method Habits Changes Amid COVID-19, in % of Consumers, April 2021

4.4. France

  • Most Trusted Payment Methods, by Degree of Confidence, in % of Adults, October 2021
  • Fraud Risks in Payment Methods, by Type, and by Importance Degree, in % of Adults, October 2021
  • Top Situations of Being a Victim of Fraud, by Degree of Fear, in % of Adults, October 2021

4.5. Spain

  • Breakdown of Reasons for Never Purchasing on Social Network, in % of Online Shoppers, 2020 & 2021

4.6. Italy

  • Top Reasons For Payment Method Habits Changes Amid COVID-19, in % of Consumers, April 2021

4.7. Austria

  • Share of Respondents Who Have Been Victims of Internet Fraud, in %, November 2020
  • Top Internet Fraud Types Experienced, in % of Respondents, November 2020
  • Top Important Factors When Shopping Online, in % of Respondents, September 2021
  • Top Reasons For Payment Method Habits Changes Amid COVID-19 Pandemic, in % of Consumers, April 2021

4.8. Switzerland

  • Share of Online Retailers Who Have Been Affected by Fraud, in %, 2021

5. North America

5.1. Regional

  • Areas in Companies That Meet Half-or-More Standards, incl. Cybersecurity, Fraud Prevention and Compliance Controls, in % of Company Executives, 2022

5.2. USA

  • Share of Successful and Prevented Monthly Fraud Attacks in E-Commerce, in % of Total Attacks, 2019 – 2021
  • Top Reasons For Payment Method Habits Changes Amid COVID-19, in % of Consumers, April 2021
  • Top Customer Experience Factors Affected by Fraud Prevention Solutions, in % of Adult Specialists in Order Processing, Payments or Fraud Prevention, June 2021
  • Share of Adult Consumers Who Use More Security Steps While Online, in %, January 2021
  • Value of Top Gift Card Brands’ Losses to Fraud, in USD million, January 2021 – September 2021
  • Breakdown of Attitudes Towards Digital Activity in Insurance Field, in % of Experts and Decision-Makers, May 2021
  • Breakdown of Rates of Growth between H1 2020 and H1 2021 in Consumer ATO and Scam Attacks, in % of Fraud Executives, October 2021

5.3. Canada

  • Share of Successful and Prevented Monthly Fraud Attacks in E-Commerce, in % of Total Attacks, 2020 & 2021
  • Top Reasons For Payment Method Habits Changes Amid COVID-19, in % of Consumers, April 2021
  • Top Drivers of Online Transfer Use, in % of Consumers, 2021
  • Share of Respondents Who Feel Safer Shopping in Bricks-and-Mortar Stores, in %, February 2021
  • Share of Respondents Who Believe Shopping Online Leads to More Fraudulent Activity, in %, February 2021
  • Share of Respondents Who Believed Shopping Digitally Increased Their Exposure to Fraud, in %, February 2021
  • Top Drivers for Shopping Online from Canadian Business, in % of Adult Internet Users, 2020 & 2021

6. Latin America

6.1. Regional

  • Areas in Companies That Meet Half-or-More Standards, incl. Cybersecurity, Fraud Prevention and Compliance Controls, in % of Company Executives, 2022
  • Top Challenges Faced in the Payment Industry, in % of Executives, 2020

6.2. Brazil

  • Breakdown of Cases of Non-Receipt of Payment for Online Sales, in % of Adult E-Commerce Sellers Who Had Not Received the Payment, 2019 & 2021
  • Top Types of Companies Where the Fraud Took Place, in % of Adults, April 2021

6.3. Mexico

  • Top Reasons for Being Insecure When Shopping Online, in % of Adult Consumers, January 2021

6.4. Colombia

  • Top Criteria Considered When Choosing an Online Store, incl. Security in Payment, in % of Adult Online Shoppers, February 2021

7. Middle East & Africa

7.1. UAE

  • Share of Adult Consumers Who Experienced an Online Fraud Attempt, in %, March 2021
  • Top Fraud Types Experienced, in % of Adult Consumers, March 2021

7.2. South Africa

  • Top Frequent Fraud Schemes Targeting Consumers, in % of Adults, August 2021
  • Top Concerns Impacting Online Shopping Adoption, in % of Adult Consumers, November 2020

7.3. Morocco

  • Criteria for Choosing Online Shopping Sites, in % of Online Shoppers, April 2021
  • American Express
  •  Discover
  •  EMVCo
  •  JCB
  •  Mastercard
  • Paypal
  •  UnionPay
  •  Visa Inc

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