Australia is currently the 10th largest ecommerce market in the world by revenue. The ecommerce market value is at $33.1 billion, with an estimated growth rate
Australia is currently the 10th largest ecommerce market in the world by revenue. The ecommerce market value is at $33.1 billion, with an estimated growth rate
Good news: the e-commerce market size continues to grow; bad news: so does e-commerce fraud. Here's what online retailers should know to face and handle fraud, especially during the coming holiday season.
Reports: Fraud a concern for merchants, brands
Online payment fraud could cost online merchants as much as $20 billion in 2021. That is a key takeaway from new Juniper Research data which predicts that the influx of inexperience digital shoppers during the pandemic could cause ecommerce fraud to skyrocket from $17.5 billion 2020 to more than $20 billion this year.
That would be an increase of about 18% YoY, much brought about by fraudsters who are targeting consumers who aren t as savvy at protecting their financial information in the digital space. To staunch the flow - and to protect their shoppers, Juniper s experts believe digital merchants must up their fraud prevention strategies across the ecommerce space, utilizing AI to spot potential fraudsters before damage can be done.
eCommerce Losses To Online Payment Fraud To Exceed $20 Billion Annually In 2021: Juniper Research Date
26/04/2021
A new study from Juniper Research has found that the value of losses due to eCommerce fraud will rise this year, from $17.5 billion in 2020 to over $20 billion by 2021; a growth of 18% over a single year. The research found that fraudsters have targeted consumers as they have increased their eCommerce use; exposing insecure fraud mitigation processes from merchants who are unfamiliar and unprepared for the continuing fraud challenges in this market.
The research identified that merchants need to do more to implement fraud prevention strategies across all of their eCommerce channels, or they will continue to experience large losses. The use of AI will enable behavioural biometrics in this area, which will increase security across all potential fraud channels.