Fraud management providers could cash in by immediately coming up with solutions to combat the increasing incidence of online payment fraud, says Augusto Beato, CEO of Portland SEO. "Unfortunately, fraudsters are ahead of solutions providers in this aspect," Beato lamented. "So, the race is on as to who could provide immediate solutions."
Beato was reacting to a report by Juniper Research that online payment fraud losses from digital transactions such as e-Commerce, airline ticketing, money transfer, and banking services are set to reach $48 billion by 2023, more than double $22 billion in losses projected for 2018.
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The Juniper whitepaper, "Future Fraud ~ 3 Dynamics Changing Fraud in 2019", noted that fraudulent activities are directly linked to e-commerce and other activities that involved online payment. Juniper says fraudsters are the first to exploit new systems for their benefits. Juniper claimed that a critical driver behind these losses would be the continued high level of data breaches resulting in the theft of sensitive personal information.
Drawing from ACI Worldwide data that maps e-commerce growth against fraud attempt growth, the data shows that fraudulent activity is outpacing the growth of overall e-commerce transactions. This suggests that fraudsters are attempting to leverage peak shopping periods as a means to obscure their activity. Such a high volume of transactions running through merchant systems leaves little or no time for manual reviews unless merchants are willing to accept lost revenue.
Identity theft is also on the rise stemming from the combination of a proliferation of digital services, rising cases of spear phishing and data breaches.
With the global rise in instant payment schemes and a focus on transactional rather than behavioral risk, Juniper forecasts that money transfer would be particularly vulnerable, with fraud losses increasing by over 20 percent per annum to $10 billion in 2023. 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. Juniper claimed that fraudsters are using information gleaned from these breaches to move away from pure identity theft and are using fragments of real data to create new, synthetic identities.
The report recommended a holistic approach to fraud prevention. The procurement of omnichannel fraud prevention services and a strategy to assess and mitigate risk from a cybersecurity perspective will be critical for effective fraud prevention in the near to medium-term.
SOURCE: Press Advantage [Link]
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