The Online Payment Fraud research report provides a detailed evaluation of the market, including different fraud types, the impact of the increase in alternative payment types, the future challenges within Open Banking APIs, and differing types of fraud in a variety of segments including banking, remote digital and physical goods and airlines. In addition, this report covers market opportunities; providing strategic insights into the development of new technologies, such as AI and machine learning, and key steps that are important for both vendors and merchants to take to manage increasing fraud risks. The report also positions 21 online payment fraud detection and prevention vendors in the Competitor Leaderboard; providing an invaluable resource for stakeholders seeking to understand the competitive landscape in the market. The research suite also contains a detailed dataset; providing forecasts for 60 countries across a wide range of different metrics, including fraud value for remote digital and physical goods purchases and online transactions, money transfer fraud rate and digital banking fraud rate, the splits for fraud rate by vertical, as well as including the split for mobile and online transactions.
COVID-19 pandemic’s impact on the online payment fraud market and the ongoing influence from it.
Future strategic direction and market outlook for fraud detection and prevention vendors.
Key drivers for fraud detection and prevention vendors, including an increase in data provided from merchants, the implementation of AI and ML and their impact on fraud detection and prevention, and the growing needs of SMEs to access sophisticated fraud prevention systems.
Segment Analysis: A segment analysis of banking and money transfer, remote physical and digital goods and airlines, looking into key challenges, key trends and future outlook. This gives readers insight into the markets with a growing need for improvement within fraud detection and prevention.
Benchmark Industry Forecasts: Includes forecasts for the total fraudulent transaction value for airline eTicketing, remote digital goods, remote physical goods, money transfer and digital banking, as well as the total spend on fraud detection and prevention. This data is split by online and mobile transactions, and for our 8 key forecast regions and 60 countries:
North America:
Key Statistics
- $38bn - Merchant losses in 2023
- $91bn - Merchant losses in 2028
- $362bn - Total merchant losses 2023-2028
- 2023-2028 - Forecast period
Key Features
Market Dynamics: A strategic analysis of the major drivers, challenges, and innovations shaping the adoption and development of fraud detection and prevention solutions:COVID-19 pandemic’s impact on the online payment fraud market and the ongoing influence from it.
Future strategic direction and market outlook for fraud detection and prevention vendors.
Key drivers for fraud detection and prevention vendors, including an increase in data provided from merchants, the implementation of AI and ML and their impact on fraud detection and prevention, and the growing needs of SMEs to access sophisticated fraud prevention systems.
Segment Analysis: A segment analysis of banking and money transfer, remote physical and digital goods and airlines, looking into key challenges, key trends and future outlook. This gives readers insight into the markets with a growing need for improvement within fraud detection and prevention.
Benchmark Industry Forecasts: Includes forecasts for the total fraudulent transaction value for airline eTicketing, remote digital goods, remote physical goods, money transfer and digital banking, as well as the total spend on fraud detection and prevention. This data is split by online and mobile transactions, and for our 8 key forecast regions and 60 countries:
North America:
- Canada, US.
- Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay.
- Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK.
- Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine.
- China, Hong Kong, Japan, South Korea.
- Bangladesh, India, Nepal, Pakistan.
- Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam.
- Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates.
- Accertify
- ACI Worldwide
- Experian
- Featurespace
- Feedzai
- FICO
- Fiserv
- Fraudio
- GBG
- Kount
- LexisNexis
- Microsoft
- NuData Security
- Riskified
- RSA Security
- SAS
- Signifyd
- TransUnion
- Vesta
- Visa
- Worldpay
Research Deliverables
- Market Data & Forecasting Report - The numbers tell you what's happening, but our written report details why, alongside the methodologies.
- Interactive Forecast Excel - Full 5-year forecasts for every available market metric provided in Excel format, with interactive 'What If' and scenario tools.
- harvest Online Data Platform - Access the very latest data in our exclusive online data platform, harvest. All the data from Excel, with frequent updates and a more user-friendly interface.
- Market Trends & Strategies Report - A comprehensive analysis of the current market landscape, alongside strategic recommendations.
- Competitor Leaderboard Report - Provides a visual representation of the competitive positioning of the leaders within the market.
Executive Summary
Merchant losses from online payment fraud will exceed $362 billion globally between 2023 to 2028, with losses of $91 billion alone in 2028. A rise in eCommerce transactions in emerging markets is driving this growth. Merchants there are facing new threats, such as an increased use of AI for attacks. Online payment fraud is where cybercriminals conduct false or illegal transactions online, using a number of different fraud strategies, such as phishing, business email compromise or account takeover.Underpinned by a robust scoring methodology, the new Competitor Leaderboard ranked the top 21 fraud detection and prevention vendors, using criteria such as the relative size of their customer base, completeness of their solutions and their future business prospects.
The top 5 vendors for 2023:
- LexisNexis Risk Solutions
- Experian
- ACI Worldwide
- Visa
- FICO
eCommerce payment vendors need to offer dashboards and data visualisations to their smaller SME customers. At present, SMEs lack access to good customer analytics, and this data could highlight consumer purchasing behaviours, as well as providing insights into payment method popularity and fraud. By offering additional services to SMEs, eCommerce payment vendors can differentiate their portfolios in an increasingly competitive and commoditised market.
Companies Mentioned
- Accertify
- ACI Worldwide
- Experian
- Featurespace
- Feedzai
- FICO
- Fiserv
- Fraudio
- GBG
- Kount
- LexisNexis
- Microsoft
- NuData Security
- Riskified
- RSA Security
- SAS
- Signifyd
- TransUnion
- Vesta
- Visa
- Worldpay
