3.5 C
London
Thursday, December 8, 2022

Ecommerce losses from online fraud exceed $48 billion worldwide

Must read

Hae-ann’s past is explored! What’s next?

After watching the previous episode, one thing is clear Dong-Ja will play an important role in solving Joon-Ho's case in May I Help You...

Gasoline is cheaper now than it was a year ago – and could drop below $3

Gasoline prices are now cheaper in the US than they were a year ago, and the price per gallon could drop below $3 by...

Starbucks opens its blockchain-based loyalty program and NFT community to the first beta testers • londonbusinessblog.com

Starbucks today launches its blockchain-based loyalty program and NFT community, Starbucks Odyssey, to the first group of US beta testers. The new initiative,...

In times of uncertainty, B2B sales teams need to put value first • londonbusinessblog.com

Ketan Karkhanis Contributor Ketan Karkhanis is the executive vice president and general manager of Sales Cloud at Salesforce. As uncertainty sets in the economy, maintaining profitability ratios...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

  • Until August, UPIA registered over 30 billion transactions worth Rs 51.74 trillion for FY23.
  • Online payment fraud includes losses on sales of digital goods, physical goods, money transfer transactions and banking, as well as airfare and other purchases.
  • A report recommends that fraud prevention vendors focus on building platforms that provide AI-powered, risk-based scoring that best suits changing market conditions.


As a result of the increasing use of digital wallets, the total cost of e-commerce fraud to merchants is likely to exceed $48 billion globally by 2023, from just over $41 billion in 2022, a report found on Wednesday.

This growth will be accelerated by the increasing use of alternative payment methods, such as digital wallets and BNPL (buy-now-pay-later), which present new fraud risks.

In IndiaThe Unified Payments Interface (UPI) reported another record high in August, with 6.57 billion transactions, worth Rs 10.72 trillion.

In FY23 (to August), UPI recorded over 30 billion transactions worth Rs 51.74 trillion.

Online payment fraud includes losses in the sale of digital goods, physical goods, money transfer transactions and banking, as well as purchases such as airline tickets.

Fraud attacks can include phishing, corporate email compromise, and social engineered fraud.

“To combat this fraud, e-commerce merchants need to implement simple steps, such as address verification, combined with risk-based transaction scoring, which will help merchants best mitigate the massive fraud threats,” study author suggested. Nick Maynard.

The report recommends that fraud prevention vendors focus on building platforms that provide AI-based, risk-based scoring, which can be payment method independent, to best respond to changing market conditions.

In addition, the study found that the potential for fraud with BNPL poses a high risk in the future.

Given the delayed nature of BNPL payments, fraudsters can make several illegitimate payments using stolen card details before the fraudulent activity is identified, posing significant risk.

ALSO SEE:
Ready to talk to startups to allay their concerns and prevent them from leaving India: Sitharaman

Mix of factors could shake India’s sovereign ratings: S&P Global

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Hae-ann’s past is explored! What’s next?

After watching the previous episode, one thing is clear Dong-Ja will play an important role in solving Joon-Ho's case in May I Help You...

Gasoline is cheaper now than it was a year ago – and could drop below $3

Gasoline prices are now cheaper in the US than they were a year ago, and the price per gallon could drop below $3 by...

Starbucks opens its blockchain-based loyalty program and NFT community to the first beta testers • londonbusinessblog.com

Starbucks today launches its blockchain-based loyalty program and NFT community, Starbucks Odyssey, to the first group of US beta testers. The new initiative,...

In times of uncertainty, B2B sales teams need to put value first • londonbusinessblog.com

Ketan Karkhanis Contributor Ketan Karkhanis is the executive vice president and general manager of Sales Cloud at Salesforce. As uncertainty sets in the economy, maintaining profitability ratios...

Telstra doubles down on Internet of Things agtech startup with $2 million investment

Telsta made its second agtech investment this week, having led a $12 million round in agricultural communications start-up Zenifi and also tipped $2 million...