News • 27.11.2018

Losses from online payment fraud to more than double by 2023

They will reaching 48 billion dollar annually

Fraud, child; Copyright: panthermedia.net/SIphotography...
Source: panthermedia.net/SIphotography

A new study from Juniper Research has found that annual online payment fraud losses from eCommerce, airline ticketing, money transfer and banking services, will reach 48 billion dollar by 2023; up from the 22 billion dollar in losses projected for 2018.

Juniper’s new research, Online Payment Fraud: Emerging Threats, Segment Analysis & Market Forecasts 2018-2023, claimed that a critical driver behind these losses will be the continued high level of data breaches resulting in the theft of sensitive personal information.

Synthetic Identity on the rise

Juniper claimed that fraudsters are using information gleaned from these breaches to move away from pure identity theft, instead using fragments of real data to create new, synthetic identities.

With the global rise in instant payment schemes and a focus on transactional rather than behavioural risk, Juniper forecasts that money transfer would be particularly vulnerable, with fraud losses increasing by over 20 percent per annum to 10 billion dollar in 2023.

“Synthetic identity is currently the low-hanging fruit because, even though it takes time for fraudsters to establish, many of their targets are not set up to detect the behavioural giveaways that indicate this type of fraud. Fraud management providers have solutions on the market to combat this, but the industry as a whole is playing catch-up,” noted research author Steffen Sorrell.

Omnichannel fraud prevention and cybersecurity become key

Meanwhile, Juniper predicted that techniques practiced by the Magecart and Fin7 groups would become more common as fraudsters seek to create products from their knowledge. Here, the groups used a combination of malware and cross-channel approaches for criminal gain. The research noted, as a result, more complex fraud would only become more common as, in effect, a ‘fraud-as-a-service’ economy emerges.

The report therefore recommended a holistic approach to fraud prevention. The procurement of omnichannel fraud prevention services and a strategy to assess and mititgate risk from a cybersecurity perspective will be critical for effective fraud prevention in the near to medium-term.

Source: Juniper Research

related articles:

popular articles:

Thumbnail-Photo: Payment solutions in the self-service market...
13.09.2018   #payment systems #self-checkout systems

Payment solutions in the self-service market

CCV and PAX are forming a joint venture

CCV, one of the largest payment service providers and suppliers of payment solutions in Europe, and PAX Technology Limited, subsidiary of PAX Global Technology Limited (“PAX Global”) (Stock Code: 00327.HK), one of the leading electronic ...

Thumbnail-Photo: Toshiba is the leader in EPOS technology
18.10.2018   #cashpoints, cash register, cash desk #self service terminals

Toshiba is the leader in EPOS technology

Nearly 50 percent growth in self checkout market share

Toshiba Global Commerce Solutions (TGCS), the global market share leader in installed retail point of sale (EPOS) technology, has rapidly-grown its worldwide self-checkout (SCO) market share by 46 percent, according to research and consulting ...

Thumbnail-Photo: Innovative in-store solution for Dublin university...
10.10.2018   #epos systems #cashpoints, cash register, cash desk

Innovative in-store solution for Dublin university

APG Cash Drawer with Retail Solutions installs SMARTtill Cash Management
Technology

APG Cash Drawer, a fast-growing global manufacturer of cash management solutions, announced today their SMARTtill Intelligent Cash Drawer has been installed in Dublin City University’s (DCU) new Londis store as part of its goal to maximize ...

Thumbnail-Photo: Bygg-Ole in Sweden streamlines stores with electronic shelf labels...
12.10.2018   #electronic shelf labels (ESL) #electronic shelf labelling

Bygg-Ole in Sweden streamlines stores with electronic shelf labels

For more efficiency and free up time for more promotional activities

With the goal of saving time and money, the DIY retailer Bygg-Ole in Stockholm has implemented the solution Breece electronic shelf labels, which will help the DIY retailer to increase efficiency and free up time for more promotional ...

Thumbnail-Photo: App-based self-checkout
23.08.2018   #mobile payment #self-checkout systems

App-based self-checkout

Edeka offers mobile self-scanning with snabble

Snabble introduces its technology to the stores of Edeka Rhein-Ruhr. Customers will be able to scan items with their smartphone while shopping and pay at payment-terminals at the exit. First store launched will be Edeka Paschmann in ...

Thumbnail-Photo: Absen LED free-standing centrepiece
16.10.2018   #led technology #led lighting

Absen LED free-standing centrepiece

Korean shopping mall sets new retail standard

Situated in Northwest Seoul, Starfield Goyang is the third and latest Starfield mall to open on the outskirts of the South Korean capital, and Starfield’s new shining star. As the largest indoor shopping theme park in Korea’s ...

Thumbnail-Photo: RFID tags with features for the cashierless store...
29.10.2018   #mobile payment #payment systems

RFID tags with features for the cashierless store

Customers can unlock products on their own thanks to smart tags

China and the U.S. already feature cashierless stores but things are coming along in Europe, too. Several startup companies want to eliminate long checkout lines and advertise better retail security tags. We took a closer look at these ...

Thumbnail-Photo: Kaufland relies on state-of-the-art technology...
07.11.2018   #pos systems #retail

Kaufland relies on state-of-the-art technology

With an innovative POS system by AURES Technologies

Kaufland offers a completely new shopping experience with ist new store concept. The markets convince with their new, noble and highquality appearance. Modern colors combined with light wood and a new lighting concept create a pleasant atmosphere. ...

Thumbnail-Photo: Mobile payment service
20.08.2018   #mobile payment #customer satisfaction

Mobile payment service

Mall of America® welcomes chinese consumers

CITCON, the leading cross-border mobile payment and marketing company announced today its partnership with Mall of America®, the nation's largest entertainment and retail complex. The CITCON cross-border mobile payment solution will be ...

Thumbnail-Photo: Make room for innovation: Cloud services for agile businesses...
05.10.2018   #data warehouse management #software as a service (SaaS)

Make room for innovation: Cloud services for agile businesses

Implement your retail pilot projects faster than ever. Interview with SAP retail experts.

Leaner, faster, more useful: Cloud solutions help analyze customer information and make meaningful use of it. Ralf Kern and Achim Schneider of the Industry Business Unit Retail at SAP reveal which retailers no longer want to do without the cloud and ...

Supplier

AURES Technologies GmbH
AURES Technologies GmbH
Maisacherstr. 118
82256 Fürstenfeldbruck
Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen
Superdata EDV-Vertrieb GmbH
Superdata EDV-Vertrieb GmbH
Ruhrstr. 90
22761 Hamburg
CCV Deutschland GmbH
CCV Deutschland GmbH
Gewerbering 1
84072 Au i.d.Hallertau
APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven
Verifone (UK) Limited
7 Cowley Business Park, High Street
UB8 2AD Cowley, Uxbridge