Ahead of the Amazon Prime Day 2022 sales, online shoppers have been urged to once again beware of online scams and fraud.
A Juniper research report estimated that if current trends continue, total global losses due to online payment fraud for merchants around the world between 2023 and 2027 will reach €343 billion.
As shoppers are more eager than ever to grab a bargain, many are falling victim to a variety of attacks, ranging from money transfer scams, purchasing counterfeit or non-existent products, or simply theft of their card details by malicious websites.
Increase in online fraud
The Juniper report found that purchases of physical goods are expected to be the largest source of loss, expected to account for nearly half (49%) of all online payment fraud losses globally over the next five years. years, an increase of 110%. compared to the current figure.
The company found that poor address verification processes in developing markets are also becoming a significant fraud risk, with fraudsters specifically targeting physical goods due to their resale potential.
The report adds that projected losses amount to more than 350% of Apple's reported net income in fiscal 2021; showing the massive scale of these losses.
"Basically, no two online transactions are the same, so the way transactions are secured cannot follow a single solution," said report author Nick Maynard. “Payment fraud detection and prevention providers need to build a host of verification capabilities and intelligently orchestrate different solutions depending on the circumstances, to properly protect both merchants and users.
Merchants and resellers are advised to ensure that their fraud protection systems are as robust as possible and to provide a combination of verification tools, including multiple sources of address verification and multi-factor authentication, to ensure that their customers are insurance.
The report comes shortly after security researchers at Check Point found that the volume of Amazon-related phishing emails increased 37% per month, along with 1900 new domains related in some way to the e-commerce giant, of which which at least 9,5% were considered “risky”.
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