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Losses from online payment fraud to exceed USD48bn in 2023

E-commerce fraud could result in over USD48n losses to merchants globally in 2023, according to a new study released by Juniper Research. In comparison, losses from online payment fraud reached over USD41bn this year. The growth will be accelerated by the increased use of alternative payment methods, such as digital wallets and buy-now-pay-later, which are creating new fraud risks. The report said online payment fraud includes losses across sales of digital goods, physical goods, money transfer transactions and banking, as well as purchases like airline ticketing. The study cited the vast volume of data breaches and the broad availability of stolen credit card information as key risk factors globally.

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