Juniper Research Report

As the world of e-commerce continues to evolve, so too does online payment fraud. Research predicts that global merchant losses from this type of malicious activity in 2023 are expected to reach $38 billion, according to a recent report by UK-based Juniper Research. This startling figure should give pause for thought; clearly businesses and consumers need better protection against would-be criminals who seek to exploit vulnerable systems.

Background

It's not only online merchants that should be concerned about the rise of fraudsters; most individuals have at least one digital account containing sensitive information relating to bank accounts and credit cards, which makes them equally vulnerable if those credentials fall into the wrong hands. The suggestions included in the report can help both corporations and private citizens assess their exposure and take steps toward making more secure financial transactions on an individual level.

Fortunately there is no shortage of available solutions for combating these fraudulent activities and offering numerous resources with advice on what safety measures must be taken concerning consumer data protection when it comes to payments processing technology or approved card programs . Investing in effective anti-fraud tools today can go a long way towards protecting your organization from costly future incidents caused by online payment fraudsters tomorrow.

The topic of online payment fraud has been at the forefront in recent news gone viral. Research on this matter is plentiful and necessary. With new technologies emerging, more risks arrive such as data breaches that allow cyber criminals to take control over personal accounts and access important account information while stealing money from unsuspecting victims. It's crucial for both individuals and businesses to be aware of these possible risks so they can better understand how to protect themselves against the latest tactics used by online payment fraud criminals.

While research on online payments fraud must always remain vigilant, there are a few steps everyone should take in order to minimize their chances of falling victim to scammers. First, it is wise to set up two-factor authentication on all your banking or credit card accounts that enable you make transactions with internet platforms. By doing this additional layer of security provides an added layer protection making sure only you can perform any transactions which require authentication before hand. Additionally provide unique passwords for websites where financial information or merchant accounts are managed - never reuse one password across multiple accounts either regardless if secure or not otherwise this will leave them vulnerable should hackers gain secure credentials through another platform

Generating awareness about understanding new forms of online payment technology being increasingly developed also helps protect users against fraudulent activities like identity theft or monetary loss - all help reduce risks associated with incorrect use having major implications down the line when using this type of digital money transfer protocol whether its emailing people funds from eWallets/ wallets , pay transfers mobile phone top ups legitimately allowed forever country etc . If thre basic best practices are followed individuals cab check what services offer most transparent solutions, reputable companies out there providing goods & services when researching stakeholders involved.

The latest data

Data has shown that while physical credit card transaction fraud is decreasing, merchants have been seeing a rise in e-commerce fraudulent activity over the past few years. In fact, industry experts estimate approximately 14 out of every thousand transactions made through digital channels may be considered abusive or illegal activities. An estimated 5% percent global card not present (CNP) losses are attributed directly to e-commerce sites as well as various mobile apps offering purchase services without payment tokens being used for full authentication process.

Another statistic worth noting is 43% - approximately half - of all data compromises targeted financial institutions such as banks and other smaller financing firms. These staggering numbers should serve as a reminder for anyone handling finance related data that security must become top priority with any digital transactions you make or handle for your clients moving forward. When it comes to using technology safely always take proper precautionary measures by double checking links prior to making purchases or sending sensitive information when available resources allow for this additional form of protection against possible threats from malicious actors attempting financial gain from unsuspecting victims worldwide.

According to research conducted by Experian earlier this year, merchants have noticed a 600% increase since 2020 in attempted fraudulent transactions through debit cards and credit cards alone. Recent surveys indicate that paying attention to cyber security is still paramount when it comes to preventing digital theft. Besides malware threats originating from malicious apps or social media links, hackers are now targeting vulnerable software such as payment gateways - resulting in millions being lost every year due to fraudulent activities!