Juniper Research, a leading expert in payment markets, projects global losses from online payment fraud will exceed $362bn over the next five years.
The study attributes this alarming rise to the growth of eCommerce transactions in emerging markets, which have witnessed an increase in new threats, including advanced AI-driven attacks.
Online payment fraud involves illicit transactions conducted online by cybercriminals through various strategies, including phishing and account takeover. Juniper Research provides further insights into this escalating issue in its new report titled, ‘Online Payment Fraud: Market Forecasts, Emerging Threats & Segment Analysis 2023-2028′.
Juniper Research’s study also presents a Competitor Leaderboard for 2023, ranking the top 21 vendors in fraud detection and prevention. Rankings are based on the size of the customer base, the comprehensiveness of the vendors’ solutions, and their future business prospects.
The top five vendors for 2023 include LexisNexis Risk Solutions, Experian, ACI Worldwide, Visa, and FICO. These leading players excel due to the broad scope of their anti-fraud orchestration capabilities, as well as their employment of AI for analysing fraudster behaviour trends. To maintain competitiveness, vendors must leverage data collected throughout the eCommerce process to enhance their fraud detection and prevention solutions, specifically via training and advancing AI models.
Juniper Research author Cara Malone commented on the findings, “Fraud detection and prevention providers must educate their clients in the importance of data sharing, in order for the highest accuracy within their solutions. This is increasingly important with the growing use of AI, as it utilises a variety of data to examine patterns within fraud, which is extremely advantageous in a space where fraudsters usually attack at scale, rather than attacking a specific customer.”
Facial biometric authentication technology provider, iProov, has recently joined hands with Andorra-based custom software developer, Undercoverlab, in a noteworthy collaboration.
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