Decisive Markets Insights has launched a new report on the online payment fraud detection market, defined as transactions made without cardholder authorization. Most cases occur after credit card information has been stolen and made public on the dark web. As long as the attacker has the correct information, other payment methods, such as virtual checks or direct debits, telephone payments or credit card transactions, can also be used. Executing these types of frauds has become easier with the adoption of digital transaction modes.
According to Decisive Markets Insights Head of Research, Sunil Kumar Chhabra, global merchant losses from online payment fraud will exceed $343 billion between 2023 and 2027. The above data is extracted by adopting a process of strategic market research.
Losses related to online payment fraud include sales of digital goods, money transfer transactions, banking, physical goods, and purchases such as airline tickets. Phishing, business email compromise, and social engineering fraud are all examples of fraudulent attacks.
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Types of Payment Fraud
• Friendly Fraud: After receiving a good or service, a customer may occasionally falsely trigger a chargeback and deny having received it. Moreover, they get their money back and also keep the good or service. This is a common form of payment fraud.
• Impersonation: this occurs when a person impersonates another person to carry out a fraudulent transaction. Instead of creating a new identity from scratch, fraudsters simply steal another person’s banking and personal details and use that identity to make fictitious purchases and transactions.
• Clean Fraud: This is the most difficult type of transactional fraud to detect. Fraudsters carefully examine companies’ fraud detection systems and circumvent them using stolen and valid payment information.
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Card Verification Number (CVN) 88%, Address Verification Service (AVS) 82% and Mailing Address Verification Services 60% were the top three fraud detection tools used by businesses, according to the 2017 North America Online Fraud Benchmark Report. AVS scored 58%, CVS scored 53%, and Device Fingerprinting scored 42% among the three most effective anti-fraud tools.
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This press release was published on openPR.