Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The "Online Payment Fraud: Market Forecasts, Emerging Threats & Segment Analysis 2023-2028" report has been added to ResearchAndMarkets.com's offering.
Merchant losses from online payment fraud will exceed $362 billion globally between 2023 to 2028, with losses of $91 billion alone in 2028.
The Online Payment Fraud report presents an in-depth analysis of the market, encompassing various fraud categories, the repercussions of the surge in alternative payment methods, forthcoming challenges in the realm of Open Banking APIs, and an assortment of fraud types across sectors such as banking, remote digital and physical goods, and airlines.
The upswing in eCommerce transactions, especially in emerging markets, is the driving force behind this burgeoning landscape. Merchants operating in these markets are grappling with novel threats, prominently the heightened utilization of artificial intelligence (AI) for perpetrating fraudulent activities. Online payment fraud encompasses a spectrum of deceptive or illicit online transactions orchestrated by cybercriminals employing diverse fraudulent techniques like phishing, business email compromise, or account takeover.
Bolstered by a robust scoring methodology, the newly introduced Competitor Leaderboard ranks the top 21 fraud detection and prevention providers. The evaluation criteria encompass factors such as the scale of their customer base, comprehensiveness of their solutions, and their future growth prospects.
Foremost players garnered high scores due to the breadth of their anti-fraud orchestration capabilities and their adept utilization of AI for scrutinizing trends in fraudulent behavior. To maintain a competitive edge, vendors must leverage data collected throughout the entire eCommerce journey to further enhance their fraud detection and prevention solutions by refining and advancing AI models.
eCommerce payment providers should extend dashboards and data visualization tools to cater to smaller SME customers. Currently, SMEs lack access to robust customer analytics, and this data holds the potential to illuminate consumer purchasing patterns and furnish insights into payment method preferences and fraud trends. By offering supplementary services to SMEs, eCommerce payment providers can distinguish their offerings in an increasingly cutthroat and commoditized marketplace.
Furthermore, this report encompasses market prospects, offering strategic insights into the evolution of emerging technologies such as AI and machine learning, along with pivotal steps that both vendors and merchants must undertake to effectively mitigate the escalating risks associated with fraud.
Additionally, the report presents a comprehensive dataset featuring forecasts for 60 countries, spanning an extensive array of metrics. This includes fraud values for remote digital and physical goods acquisitions and online transactions, the rate of money transfer fraud, and digital banking fraud. It also provides breakdowns of fraud rates by industry verticals, as well as distinctions between mobile and online transactions, offering a valuable resource for stakeholders seeking to gain a profound understanding of the competitive dynamics within the market.
Key Features
- COVID-19 pandemic's impact on the online payment fraud market and the ongoing influence from it.
- Future strategic direction and market outlook for fraud detection and prevention vendors.
- Key drivers for fraud detection and prevention vendors, including an increase in data provided from merchants, the implementation of AI and ML and their impact on fraud detection and prevention, and the growing needs of SMEs to access sophisticated fraud prevention systems.
The Competitor Leaderboard
- Accertify
- ACI Worldwide
- Experian
- Featurespace
- Feedzai
- FICO
- Fiserv
- Fraudio
- GBG
- Kount
- LexisNexis
- Microsoft
- NuData Security
- Riskified
- RSA Security
- SAS
- Signifyd
- TransUnion
- Vesta
- Visa
- Worldpay
Full List of Companies
- Feedzai
- Fraudio
- Kount
- LexisNexis
- Vesta
- Visa
- Accertify
- ACI Worldwide
- Experian
- Featurespace
- Feedzai
- FICO
- Fiserv
- Fraudio
- GBG
- Kount
- LexisNexis Risk Solutions
- Microsoft
- NuData Security
- Riskified
- RSA Security
- SAS
- Signifyd
- TransUnion
- Vesta
- Visa
- Worldpay
- 4Stop
- Accelitas
- ACI Worldwide
- Acuris
- Adobe
- AFS (Advanced Financial Solutions)
- Allianz
- ALTO
- American Express
- Aspenware
- AT&T
- AU10TIX
- Authorize.net
- AWS
- Axerve
- Bailhang Credit
- Bank of Singapore
- Barclaycard Payments
- BAV (Bank Account Validation)
- BehavioSec
- BigCommerce
- Black Opal
- Blibli
- BlueSnap
- BNP Paribas
- Boemska
- Braintree
- Bukalapak
- Cashplus
- Cayan
- Centro
- Chargebacks911
- checkout.com
- CISCO
- Citrix
- Cognizant
- Confused.com
- ConnexPay
- CredoLab
- Crypto.com
- Cybersource
- Dell
- Deloitte
- Delta Air Lines
- Dentsu
- Deutsche Bank
- Diebold Nixdorf
- eBay
- Emailage
- Entersekt
- Entree Capital
- Entrust Datacard
- Equifax
- Esure
- Etisalat
- Eway
- Fidelity Management & Research Company
- Finxact
- Fischer
- GDS Link
- General Atlantic
- GeoComply
- Global Payments
- HSBC
- IBM
- ID R&D
- IDology
- Innovalor
- Invation
- Jack Henry & Associates Inc
- JPMorgan Chase
- Kaidee
- Kenbi
- KPMG
- Landsbankinn
- Laurentian Bank
- Lego
- LeoVegas
- Mastercard
- Midigator
- MySQL
- NatWest
- NewSuite
- NorthRow
- NortonLife Lock
- NTT Data
- Oracle
- OTP Bank
- P97
- PassFort
- Payoneer
- Philippines Security Bank Corporation
- Phonelink
- PingIdentity
- Pitango Venture Capital
- Plaid
- Playtech
- Praxis
- Primer
- Provenir
- PWC
- Qumra Capital
- Railsr
- RedAbierta
- Regily
- RocketFuel Blockchain Inc
- Sage
- Salesforce Commerce Cloud
- Santander Bank
- SAP
- Sapiens
- Scudetto
- Sekura
- SEON
- Shopify
- Shyft Network
- Soldo
- SPhonic
- SumUp
- Symphony Technology Group
- Synectics Solutions
- Temenos
- Teradata
- Thales
- The Access Group
- Threat Fabric
- TruNarrative
- Trunarrative
- TSYS
- UK Finance
- Visualsoft
- Viva Wallet
- Vtex
- WiPay
- Worldline
- Zilch
For more information about this report visit https://www.researchandmarkets.com/r/4g7s72
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