Online fraud transactions to more than double by 2020
Online fraud transactions are expected to reach $25.6 billion (£17.6 billion) by 2020, up from $10.7 billion (£7.4 billion) last year. By the end of the decade, it’s expected that $4 (£2.7) in every $1,000 (£687) of online payments will be fraudulent.
Juniper Research’s study, Online Payment Fraud: Key Vertical Strategies & Management 2016-2020, discovered that the implementation of chip and PIN services at Point of Sale (POS) locations in the US is a probable key factor driving activity in online fraud. North America, Latin America, EMEA, Asia Pacific, Indian Subcontinent and the Far East and China are key regions for which the study was based.
The research said the greater security afforded by chip and PIN would convince fraudsters to divert their attention from the in-store environment to the card not present (CNP) fraud.