Merchants will 'lose $343bn' to online payment fraud over next 5 years

Online payment fraud losses will surpass $343 billion globally between 2023 and 2027, new research claims.

This type of fraud includes losses in the sale of digital goods, physical goods, money transfer transactions and banking, and other purchases such as airline tickets.

Breaches can include phishing, business email compromise and socially engineered fraud.

The study by Juniper Research, found that physical goods purchases will be the largest single source of losses between 2023 and 2027, making up 49 per cent of cumulative online payment fraud losses during the period and growing by 110 per cent.

“Fundamentally, no two online transactions are the same, so the way transactions are secured cannot follow a one-size-fits-all solution,” said Nick Maynard, author of the report. “Payment fraud detection and prevention vendors must build a multitude of verification capabilities, and intelligently orchestrate different solutions depending on circumstances, in order to correctly protect both merchants and users.”

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