eCommerce fraud losses in 2022 – 2023: Cybercriminals may steal $48 billion in 2023

Online payment frauds are increasing like never before due to the exploded adoption of smartphones and the Internet across the world. As a result, people are more likely to use alternative payment methods, such as digital wallets and Buy-Now-Pay-Later option, which are creating new fraud risks.

According to a recent study by Juniper Research, global e-commerce fraud loss is estimated to reach over $41 billion by the end of 2022. Surprisingly, this figure is estimated to increase a notable 16% YoY, to $48 billion by the end of the next year.

The report recommended that fraud prevention vendors must actively and aggressively focus on building platforms providing AI‑powered risk-based scoring, which can be payment method agnostic, to best suit changing market conditions.

Online payment fraud includes losses across sales of digital goods, physical goods, money transfer transactions and banking, as well as purchases like airline ticketing. Fraudster attacks can include phishing, business email compromises and socially engineered fraud.

North America Tops League Table for Fraud

The research identified North America at the target of the majority of cybercriminals. The region is having the largest fraudulent transactions by value and will account for over 42% of global eCommerce frauds in 2023, despite representing less than 7% of banked individuals globally. The research cites the vast volume of data breaches and the broad availability of stolen credit card information as…