146% increase in peer-to-peer (P2P) PaymentsNumber of Online Transactions is Nearly Double the Number of In-Person Transactions"Smishing" Joins the List of Top 5 Fraud Scams for the First Time SAN
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Global study shows fraudsters are cashing in on lifted lockdown restrictionsCombining all banking fraud - internet, telephone, and branch - attacks grew 159% in Q1 2021 compared to Q1 202093% of all fraud
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.