Online Payment Fraud Losses To Exceed $343 Billion
HelpNet Security, July 18th, 2022
July 31, 2022,
Volume 292, Issue 4

Cumulative merchant losses to online payment fraud globally between 2023 and 2027 will exceed $343 billion, according to Juniper Research.

As a comparison, this equates to over 350% of Apple's reported net income in the 2021 fiscal year, showing the massive extent of these losses.

Online payment fraud includes losses across the sales of digital goods, physical goods, money transfer transactions and banking, as well as purchases like airline ticketing. Fraudster attacks can include phishing, business email compromise and socially engineered fraud.

Online payment fraud losses are partly being driven by fraudster innovation in areas such as account takeover fraud, where a user's account is hijacked. This is despite the wide employment of identity verification measures. - HelpNet Security

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