yStats.com: Double-digit growth rates predicted for online payment fraud losses worldwide

HAMBURG, Germany - Aug. 6, 2019 - PRLog -- The publication, titled "Fraud & Security in Global Online Payments 2019" contains a projection that due to a strong double-digit growth, online payment fraud losses are expected to increase two-fold by 2023.

The rising costs of online payment fraud

The level of online payment fraud is on the rise worldwide, as more consumers turn to digital shopping channels to make their purchases. According to a projection referenced in the yStats.com report, the global losses from online payment fraud, covering E-Commerce, digital travel and online banking transactions, could double between 2018 and 2023.

Mobile biometrics to help mitigate fraud in E-Commerce

Payment security is a top factor that shoppers pay attention to when buying online, according to recent surveys cited by yStats.com. Furthermore, fear of fraud is one of the top reasons why many Internet users in regions such as the Middle East & Africa prefer not to shop online. E-Commerce sellers, payment providers and financial institutions are thus forced to invest in the newest technologies to mitigate the risk of fraud and attract more online buyers. Mobile biometrics is among the most trending technologies that financial fraud professionals deem most effective in combating online payment fraud.

For further information, see: https://www.ystats.com/wp-content/uploads/2019/07/2019.06.26_Product-Brochure-Order-Form_Fraud-and-Security-in-Global-Online-Payments-2019.pdf

More insights: https://www.ystats.com/video-global-digital-payment-forecasts-2019-2022/

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