E-commerce scams are expected to increase in 2021 by 18% compared to 2020, while financial losses are likely to exceed $ 20 billion worldwide, according to its latest research Juniper Research.
Online losses will increase by about $ 17,5 billion by 2020, as fraudsters continue to target an increasing number of people who are forced to shop online due to the COVID-19 pandemic.
According to the new report "Online Payment Fraud: Emerging Threats, Segment Analysis & Market Forecasts 2021-2025 Market Research", marketers are increasingly threatened by the growing online scams. The report also points out AI-powered biometric behavior verification as an important step forward in technological innovation, which could help these businesses to resist without adding additional friction to customers in the "journey" of the market.
Such tools can identify each user in the unique way they type, use their mouse, fill out online forms or perform other tasks. This would limit the number of transactions that need to be highlighted for manual or additional authentication. Clear messaging is also important for managing consumer expectations during online check out, Juniper Research said.
Susan Morrow, author of the report, said: "While the need for security is greater than ever, the competitive e-commerce environment means that marketers must ensure that additional security checks are justified to the user, or risk increasing shopping cart dropout rates."
It is noteworthy that Juniper Research claimed that China may be the largest market for e-commerce scams in the world, representing over 40% of global losses the 2025, amounting to over $ 12 billion. The company therefore warned traders operating there to invest in advanced solutions to protect themselves from this malicious activity.
Source of information: info-securitymagazine.com