€950.00

Sample reports can only be downloaded by members.
SKU: 1650 Categories: , ,

Fraud and Security in Global Online Payments 2024

€950.00

SKU: 1650 Categories: , ,
Sample reports can only be downloaded by members.
Want a discount? Become a member!
This product can only be purchased by members.

  • Previous Product
  • Asia-Pacific B2C E-Commerce Market 2024
  • Next Product
  • AI in Payment and Financial Services 2024

Description

Countries Covered: UK, Germany, Switzerland, USA, Canada, Australia.

Pages: 66

Publication Date: 08/02/2024

Questions Covered in the Report:

  • How much online payment fraud loss is expected globally by 2028?
  • Which global region is projected to witness the highest online payment fraud loss in 2025?
  • How many global respondents believed biometric authentication enhances online security in April 2023?
  • What share of global B2C E-Commerce revenue was lost to fraud in 2023?
  • What is the projected expenditure for global financial crime prevention by 2027?

Key Findings:

Global B2C E-Commerce fraud losses anticipate +40% CAGR between 2023 and 2028: New yStats.com report.

Asia-Pacific set to have the highest online payment fraud loss globally by 2025

As B2C E-Commerce continues to burgeon, businesses and consumers worldwide are facing heightened susceptibility to fraud. Forecasts show that global B2C E-Commerce losses from online payment fraud are anticipated to soar at around +40% CAGR between 2023 and 2028, reaching a number in the billions. Regionally, Asia-Pacific is projected to lead the online payment fraud loss, by 2025, followed by North America and Europe. Notably, North America currently commands the highest share of total fraudulent B2C E-Commerce transaction value, with Europe ranking second.

To counteract the rising tide of financial crime, global financial crime prevention expenditure is expected to surge by 2027, with a significant number of global respondents agreeing that “biometric authentication makes online payment safer” as of April 2023.

The UK witnesses declining rates in CNP payment fraud

In the UK, data cited in the report show that unauthorized payment card fraud decreased from H1 2022 to H1 2023. Similarly, card-not-present (CNP) payment fraud fell by over 10% in the same period. Turning to the USA, CNP fraud loss is expected to hit rise in 2024, constituting around three-quarters of the total payment fraud loss. Approximately one quarter of US adults reported falling victim to account takeover (ATO) attacks in 2023. Additionally, while around 1 in 10 of banking customers reported P2P payment scams as of May 2023, more than half of them were satisfied with their bank’s response to P2P fraud claims.

1. Key Takeaways

    • Key Takeaways of Fraud and Security in Online Payments

2. Management Summary

3. Global Developments

  • Overview of Security in Virtual Cards Market, February 2024
  • Overview of Enhanced Security Measures at POS, February 2024 (1 of 2)
  • Overview of Enhanced Security Measures at POS, February 2024 (2 of 2)
  • Overview of Concerns in Online And Mobile Payment Market, February 2024
  • Overview of AI Use in Embedded Finance Ecosystem, February 2024
  • Merchant Online Payment Fraud Loss, in USD billion, 2023e & 2028f
  • Online Payment Fraud Loss Value, by Region, in USD billion, 2025f
  • B2C E-Commerce Loss Due to Online Payment Fraud, in USD billion, 2020 & 2023e
  • Share of B2C E-Commerce Revenue Loss to Fraud, in %, 2023
  • Breakdown of Fraudulent B2C E-Commerce Transaction Value, by Region, in %, 2023e
  • Financial Crime Prevention Spend, in USD billion, 2023e & 2027f
  • Biometric In-Store Payments Market Size, in USD trillion, 2024e & 2028f
  • Number of Digital Identity Verification Checks, in billions, 2023e & 2024f
  • Share of Banking Making Up the Total Digital Identity Verification Market, in %, 2024f
  • Share of Consumers Agreeing With the Following Statements Related to Security of Online Payments, in %, April 2023
  • Noted Annual Increase in Payment Fraud Growth Over Real-Time Payment Rails, by Fraud Type, in % of Financial Institutions, 2022
  • Share of Financial Institutions That Plan to Make Major Changes to Enhance Their RTP Fraud Controls Over the Next 1-2 Years, March 2023

4. Europe

4.1. Regional

  • Share of Card Fraud That Involves Cross-Border Transactions, in %, 2023e
  • Breakdown of Digital Wallet Attributes That Respondents Value the Most, in % of Respondents, September 2022
  • Top Concerns When It Comes to Embedded Financial Services and Products, in % of Respondents, April 2023

4.2. UK

  • Unauthorized Payment Card Fraud Loss, in GBP million, H1 2022 & H1 2023
  • Prevented Unauthorized Payment Card Fraud Value, in GBP million, H1 2022 & H1 2023
  • Card-Not-Present Payment Fraud Loss, in GBP million, H1 2022 & H1 2023
  • Breakdown of Payment Fraud Volume, by Fraud Source, in %, H1 2023
  • Breakdown of Payment Fraud Value, by Fraud Source, in %, H1 2023

4.3. Germany

  • Share of Online Merchants Who Identified an Increase in B2C E-Commerce Fraud, in %, 2023e

4.4. Switzerland

  • Share of Online Merchants Who Have Been Struck by Fraud, in %, 2022

5. North America

5.1. USA

  • Total Card-Not-Present (CNP) Fraud Loss, in USD billion, in % of Total Payment Fraud Loss, 2019-2024f
  • Share of Adults Who Have Fallen Victim to Account Takeover (ATO) Attacks, in %, 2023e
  • P2P Fraud Loss Value, in USD billion, 2021 & 2022
  • Share of Banking Customers Who Say That They Have Been Victimized by a P2P Payment Scam in the Last 12 Months, in %, May 2023
  • Breakdown of Banking Customer Satisfaction With Their Bank’s Response to P2P Fraud Claims, in %, May 2023
  • Share of Imposter Scams Making Up Total Reported Scams to the Federal Trade Commission, in %, Q3 2023
  • Breakdown of Main Reasons Among Respondents For Not Using Mobile Payment Solutions More Often, in % of Respondents, July 2023
  • Breakdown of When SMEs Expect to Be Able to Offer Payments Verified With Biometric Authentication, in %, October 2022

5.2. Canada

  • Reasons for Using Prepaid Cards For Making Online Payments, in % of Respondents, April 2023

6. Latin America

6.1. Regional

  • Fraud Detection and Prevention Market, incl. “Online Payment Fraud”, in USD billion, 2024f & 2028f
  • Breakdown of Reasons Why Businesses Do Not Use Technology to Combat Fraud, incl. “Online Payment Fraud” in %, 2023e

7. Asia-Pacific

7.1. Regional

  • Overview of Fraud in Online Payments, February 2024
  • Use of Online Shopping Channels For Frauds, by Country, in %, November 2023

7.2. Australia

  • Payment Card Fraud Value, in AUD million, FY 2022 & FY 2023
  • Domestic Card-Not-Present (CNP) Fraud Value, in AUD million, FY 2022 & FY 2023
  • Overseas/Via Overseas Merchant Card-Not-Present (CNP) Fraud Value, in AUD million, FY 2022 & FY 2023

8. Middle East and Africa

8.1. Regional

  • Total Fraud Loss Value, incl. “Online Payment Fraud”, in USD billion, 2023e & 2028f
  • Share of Fraudulent Verification Attempts in Payment Industry, in %, February 2023 & August 2023

 

Related Products…