• About
  • Subscribe
  • Contact
Wednesday, May 7, 2025
    Login
  • Management Leadership
    • Growth Strategies
    • Finance
    • Operations
    • Sales and Marketing
    • Careers
  • Technology
    • Infrastructure and Platforms
    • Business Applications and Databases
    • Big Data, Analytics and Intelligence
    • Security
  • Industry Verticals
    • Finance and Insurance
    • Manufacturing
    • Logistics and Transportation
    • Retail and Wholesale
    • Hospitality and Tourism
    • Government and Public Services
    • Utilities
    • Media and Telecommunications
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
No Result
View All Result
  • Management Leadership
    • Growth Strategies
    • Finance
    • Operations
    • Sales and Marketing
    • Careers
  • Technology
    • Infrastructure and Platforms
    • Business Applications and Databases
    • Big Data, Analytics and Intelligence
    • Security
  • Industry Verticals
    • Finance and Insurance
    • Manufacturing
    • Logistics and Transportation
    • Retail and Wholesale
    • Hospitality and Tourism
    • Government and Public Services
    • Utilities
    • Media and Telecommunications
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
No Result
View All Result
No Result
View All Result
Home Management Leadership Finance Governance, Risk and Compliance

Lax verification leading to rising online fraud cases in Asia

FutureCIO Editors by FutureCIO Editors
July 13, 2022
Photo by Mikhail Nilov from Pexels: https://www.pexels.com/photo/man-person-people-woman-7534791/

Photo by Mikhail Nilov from Pexels: https://www.pexels.com/photo/man-person-people-woman-7534791/

Juniper Research has found that the cumulative merchant losses to online payment fraud globally between 2023 and 2027 will exceed US$343 billion.

Online payment fraud includes losses across the 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 compromise and socially engineered fraud.

Key drivers

Online payment fraud losses are partly being driven by fraudster innovation in areas such as account takeover fraud, where a user’s account is hijacked. This is despite the wide employment of identity verification measures.

Innovation needed in fraud prevention strategies

The research found that to combat rising fraud, fraud prevention vendors must orchestrate the right mix of verification tools, at the most effective point in the customer journey, to best protect users, but this will require significant capabilities to achieve.

Nick Maynard

Juniper Research’s head of research and report author Nick Maynard explains that fundamentally, no two online transactions are the same, so the way transactions are secured cannot follow a one-size-fits-all solution.

“Payment fraud detection and prevention vendors must build a multitude of verification capabilities, and intelligently orchestrate different solutions depending on circumstances, in order to correctly protect both merchants and users,” he added.

Physical goods largest fraud area

The research identified physical goods purchases as the largest single source of losses; accounting for 49% of cumulative online payment fraud losses globally over the next 5 years, growing by 110%.

Lax address verification processes in developing markets are a major fraud risk, with fraudsters targeting physical goods specifically, due to their resell potential.

As such, it recommends that merchants adopt strong anti-fraud measures, including multiple sources of address verification and multi-factor authentication to reduce fraudulent incidents for physical goods merchants.

Related:  Why your company should get a DPO now
Tags: identity verification and authenticationJuniper Researchonline fraudonline payment
FutureCIO Editors

FutureCIO Editors

Strategic Insights for Chief Information Officers

FutureCIO is about enabling the CIO, his team, the leadership and the enterprise through shared expertise, know-how and experience - through a community of shared interests and goals. It is also about discovering unknown best practices that will help realize new business models.

Quick Links

  • Videos
  • Resources
  • Subscribe
  • Contact

Cxociety Media Brands

  • FutureIoT
  • FutureCFO
  • FutureCIO

Categories

  • Privacy Policy
  • Terms of Use
  • Cookie Policy

Copyright © 2022 Cxociety Pte Ltd | Designed by Pixl

Login to your account below

or

Not a member yet? Register here

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Management Leadership
    • Growth Strategies
    • Finance
    • Operations
    • Sales and Marketing
    • Careers
  • Technology
    • Infrastructure and Platforms
    • Business Applications and Databases
    • Big Data, Analytics and Intelligence
    • Security
  • Industry Verticals
    • Finance and Insurance
    • Manufacturing
    • Logistics and Transportation
    • Retail and Wholesale
    • Hospitality and Tourism
    • Government and Public Services
    • Utilities
    • Media and Telecommunications
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
Login

Copyright © 2022 Cxociety Pte Ltd | Designed by Pixl

Subscribe