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Fraud and Security in Global Online Payments 2024

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    Report

  • 66 Pages
  • February 2024
  • Region: Global
  • yStats GmbH & Co. KG
  • ID: 4793093
Description Jump to:

Asia-Pacific set to have the highest online payment fraud loss globally by 2025

Global B2C E-Commerce fraud losses to grow by +40% CAGR from 2023 to 2028

As B2C E-Commerce expands, both businesses and consumers globally face increased vulnerability to fraud. Projections indicate that global B2C E-Commerce losses from online payment fraud are set to rise significantly, potentially reaching billions, with a projected +40% CAGR between 2023 and 2028.

By 2025, Asia-Pacific is expected to lead in online payment fraud losses, followed by North America and Europe. Currently, North America holds the highest share of total fraudulent B2C E-Commerce transaction value, with Europe ranking second. In response to this growing threat of financial crime, global expenditure on financial crime prevention is anticipated to increase by 2027. Moreover, a substantial number of global respondents agree that "biometric authentication makes online payment safer," as observed in April 2023.

Card-not-present (CNP) fraud loss in the U.S. is expected to increase in 2024

In the UK, data highlighted in the report indicate a decline in unauthorized payment card fraud and card-not-present (CNP) payment fraud from the first half of 2022 to the first half of 2023. Meanwhile, CNP fraud is expected to rise in the USA by 2024, comprising approximately three-quarters of the total payment fraud loss.

Around a quarter of US adults reported being victims of account takeover (ATO) attacks in 2023. Moreover, while roughly one in ten banking customers reported P2P payment scams as of May 2023, more than half of them expressed satisfaction with their bank's handling of P2P fraud claims.

Key Questions Covered:

  • How much online payment fraud loss is expected globally by 2028?
  • Which global region is projected to witness the highest online payment fraud loss in 2025?
  • How many global respondents believed biometric authentication enhances online security in April 2023?
  • What share of global B2C E-Commerce revenue was lost to fraud in 2023?
  • What is the projected expenditure for global financial crime prevention by 2027?

Regions Covered: Global, Europe, North America, Latin America, Asia-Pacific, Middle East and Africa

Countries Covered: UK, Germany, Switzerland, USA, Canada and Australia

Please note: For this report, the purchase of an Enterprise licence allows up to ten worldwide users of an organization access to the report.

Table of Contents

1. Key Takeaways
• Key Takeaways of Fraud and Security in Online Payments

2. Management Summary
3. Global Developments
• Overview of Security in Virtual Cards Market, February 2024
• Overview of Enhanced Security Measures at POS, February 2024 (1 of 2)
• Overview of Enhanced Security Measures at POS, February 2024 (2 of 2)
• Overview of Concerns in Online And Mobile Payment Market, February 2024
• Overview of AI Use in Embedded Finance Ecosystem, February 2024
• Merchant Online Payment Fraud Loss, in USD billion, 2023e & 2028f
• Online Payment Fraud Loss Value, by Region, in USD billion, 2025f
• B2C E-Commerce Loss Due to Online Payment Fraud, in USD billion, 2020 & 2023e
• Share of B2C E-Commerce Revenue Loss to Fraud, in %, 2023
• Breakdown of Fraudulent B2C E-Commerce Transaction Value, by Region, in %, 2023e
• Financial Crime Prevention Spend, in USD billion, 2023e & 2027f
• Biometric In-Store Payments Market Size, in USD trillion, 2024e & 2028f
• Number of Digital Identity Verification Checks, in billions, 2023e & 2024f
• Share of Banking Making Up the Total Digital Identity Verification Market, in %, 2024f
• Share of Consumers Agreeing With the Following Statements Related to Security of Online Payments, in %, April 2023
• Noted Annual Increase in Payment Fraud Growth Over Real-Time Payment Rails, by Fraud Type, in % of Financial Institutions, 2022
• Share of Financial Institutions That Plan to Make Major Changes to Enhance Their RTP Fraud Controls Over the Next 1-2 Years, March 2023

4. Europe
4.1. Regional
• Share of Card Fraud That Involves Cross-Border Transactions, in %, 2023e
• Breakdown of Digital Wallet Attributes That Respondents Value the Most, in % of Respondents, September 2022
• Top Concerns When It Comes to Embedded Financial Services and Products, in % of Respondents, April 2023

4.2. UK
• Unauthorized Payment Card Fraud Loss, in GBP million, H1 2022 & H1 2023
• Prevented Unauthorized Payment Card Fraud Value, in GBP million, H1 2022 & H1 2023
• Card-Not-Present Payment Fraud Loss, in GBP million, H1 2022 & H1 2023
• Breakdown of Payment Fraud Volume, by Fraud Source, in %, H1 2023
• Breakdown of Payment Fraud Value, by Fraud Source, in %, H1 2023

4.3. Germany
• Share of Online Merchants Who Identified an Increase in B2C E-Commerce Fraud, in %, 2023e
4.4. Switzerland
• Share of Online Merchants Who Have Been Struck by Fraud, in %, 2022

5. North America
5.1. USA
• Total Card-Not-Present (CNP) Fraud Loss, in USD billion, in % of Total Payment Fraud Loss, 2019-2024f
• Share of Adults Who Have Fallen Victim to Account Takeover (ATO) Attacks, in %, 2023e
• P2P Fraud Loss Value, in USD billion, 2021 & 2022
• Share of Banking Customers Who Say That They Have Been Victimized by a P2P Payment Scam in the Last 12 Months, in %, May 2023
• Breakdown of Banking Customer Satisfaction With Their Bank’s Response to P2P Fraud Claims, in %, May 2023
• Share of Imposter Scams Making Up Total Reported Scams to the Federal Trade Commission, in %, Q3 2023
• Breakdown of Main Reasons Among Respondents For Not Using Mobile Payment Solutions More Often, in % of Respondents, July 2023
• Breakdown of When SMEs Expect to Be Able to Offer Payments Verified With Biometric Authentication, in %, October 2022

5.2. Canada
• Reasons for Using Prepaid Cards For Making Online Payments, in % of Respondents, April 2023

6. Latin America
6.1. Regional
• Fraud Detection and Prevention Market, incl. “Online Payment Fraud”, in USD billion, 2024f & 2028f
• Breakdown of Reasons Why Businesses Do Not Use Technology to Combat Fraud, incl. “Online Payment Fraud” in %, 2023e

7. Asia-Pacific
7.1. Regional
• Overview of Fraud in Online Payments, February 2024
• Use of Online Shopping Channels For Frauds, by Country, in %, November 2023

7.2. Australia
• Payment Card Fraud Value, in AUD million, FY 2022 & FY 2023
• Domestic Card-Not-Present (CNP) Fraud Value, in AUD million, FY 2022 & FY 2023
• Overseas/Via Overseas Merchant Card-Not-Present (CNP) Fraud Value, in AUD million, FY 2022 & FY 2023

8. Middle East and Africa
8.1. Regional
• Total Fraud Loss Value, incl. “Online Payment Fraud”, in USD billion, 2023e & 2028f
• Share of Fraudulent Verification Attempts in Payment Industry, in %, February 2023 & August 2023

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