Juniper’s Research, Online Payment Fraud: Emerging Threats, Key Vertical Strategies & Market Forecasts 2017-202, found that fraud detection and prevention (FDP) solutions are set increase over 22%, whilst rising to US$9.3billion by 2022.
The mobile, online and digital market research specialist predicted that several factors would “prove instrumental” in driving the market forward, and the perception of high software costs alongside low awareness of eCommerce solutions.
The main issues it found was that IoT devices are going to be key in driving FDP and citing IoT botnets from Distributed Denial-of-Service (DDoS), aimed at fraud automation tools, whilst requiring better customer verification tools.
Juniper also predicted that the launch of 3DS 2.0 will reduce fraud and verify solutions as part of an FDP strategy, resulting in fewer basket abandonments.
Research Author, Steffen Sorrel, said: “APIs expose a set of business logic rules, which by their nature are susceptible to abuse. This will drive banks and service providers to greater emphasis on protecting those APIs.”
The research concluded that Latin America, Indian Subcontinent and Africa will become key targets for banking and payments fraud, whilst accounting for 4% of global FDP spent in 2022; addressing that consumer protection and better consumer education in safer online practices is key.
Written from press release by Leah Alger