Monday, April 15, 2024
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    Remote physical goods fraud to grow 400% by 2028 driven by evolving payment methods

    The greatest merchant losses to fraud are likely to be to remote physical goods purchases, with losses reaching $5.1bn across emerging markets in 2028, up from $1bn in 2023.

    Africa & Middle East to Experience the Greatest Growth in Losses

    Juniper Research data anticipates fraud losses in Africa & Middle East to reach $1.1bn in 2028; growing 643% from $150m this year. This is largely due to limited adoption of effective fraud prevention tools in the region. Such tools are needed to keep pace with the rapidly increasing number of transactions, evolving payment methods and growing threats.

    The research recommended merchants in the region adopt fraud detection and prevention systems as a priority, or rapid eCommerce growth will translate into massive fraud growth; damaging merchant profitability.

    Find out more about the new report, Online Payment Fraud: Market Forecasts, Emerging Threats & Segment Analysis 2023-2028, or download a free sample.

    AI Key to understanding fraudster behaviour

    The research urged players to implement AI for analysing trends in fraudster behaviour. This is important in emerging regions, as smartphone adoption causes mcommerce to grow at a rapid rate.

    Therefore, fraud detection and prevention vendors must utilise data collected throughout the whole eCommerce process to further train and develop their AI fraud detection and prevention models.

    Research author Cara Malone comments: “With the growing use of AI, it is increasingly important for fraud detection and prevention providers to educate their clients, as AI utilises a variety of data to examine patterns within fraud. AI is extremely advantageous in a space where fraudsters attack at scale, rather than attacking a specific customer.”

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