A study from the United Kingdom-based Juniper Research foundfraudulent online transactions will reach $25.6 billion by 2020, upfrom $10.7 billion last year. That means for every $1,000 spent, $4will be fraudulent.
The study, “Online Payment Fraud: Key Vertical Strategies &Management 2016-2020,” identified three hot areas for online fraud:eRetail (65% of fraudulent transactions, or $16.6 billion), banking(27%, $6.9 billion) and airline ticketing (6%, $1.5 billion).
The study found that the implementation of chipand PIN services at point-of-sale locations in the U.S. islikely to be a key factor driving activity in the online fraudspace. It argued that the greater security afforded by chip and PINwould persuade fraudsters to switch their attention from thein-store environment to the card-not-present space.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
