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Tuesday, 31 March 2020 00:47

eCommerce losses to online payment fraud to exceed US $25 billion by 2024 Featured

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eCommerce merchant losses to online payment fraud will exceed US$25 billion in 2024, up from just $17 billion in 2020, despite the ongoing implementation of Secure Customer Authentication (SCA) in Europe.

According to Juniper Research the popularity of eCommerce and increased card-present security with the introduction of EMV, have made eCommerce payments a compelling target for fraudsters.

The research highlighted that eCommerce merchants outside Europe must adopt similar measures to SCA, including two-factor authentication, or they will suffer from increasing levels of sophisticated fraud - and payment gateways will be vital to ensure that these security requirements are implemented at scale.

It was also identified by the research that while additional security measures, including two-factor authentication, must become more widespread, merchants must be careful when implementing these changes.

“Increased friction in the checkout experience must be minimised, or merchants will face increased cart abandonment rates. Juniper Research recommends that security vendors work with merchants to build security measures into shopping apps that ensure a low-friction user journey, whilst encompassing increased authentication requirements,” the research firm said.

According to research co-author Nick Maynard “The explosion of eCommerce means that fraudsters have evolved their tactics, and so merchants must also evolve”.

“eCommerce merchants must educate their users in anti-fraud best practice, as the human element is consistently the most vulnerable to exploitation in the online payments ecosystem,” Maynard said.

The new research also observed that as well as implementing further payment security measures, eCommerce merchants must take on a more educational role for their users, with role primarily educatint about cybersecurity practices, common fraud methods and changes to the checkout process to improve fraud mitigation.

“This will be essential in China, which will account for 42% of all eCommerce payment fraud in 2024” notes Juniper Reseach.

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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