• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

eCommerce losses to online payment fraud to exceed $48 billion globally in 2023

3 years ago
in Business, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
87
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

eCommerce losses to online payment fraud to exceed $48 billion globally in 2023

A new study from Juniper Research has found that the total cost of eCommerce fraud to merchants will exceed $48 billion globally in 2023, from just over $41 billion in 2022.

It predicted that this growth will be accelerated by the increasing use of alternative payment methods, such as digital wallets and BNPL (Buy-Now-Pay-Later), which are creating new fraud risks.

The report recommended that fraud prevention vendors focus on building platforms providing AI-powered risk-based scoring, which can be payment method agnostic, to best suit changing market conditions.

Online payment fraud includes losses across the sales of digital goods, physical goods, money transfer transactions and banking, as well as purchases like airline ticketing. Fraudster attacks can include phishing, business email compromises and socially engineered fraud.

North America Tops Fraud League 

The research identified North America as having the largest fraudulent transaction value of any regional market, accounting for over 42% of global fraud by value in 2023, despite representing less than 7% of banked individuals globally.

RelatedPosts

Ghana Pledges Gold Sector Reforms Ahead of Critical FATF Evaluation

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

The research cited the vast volume of data breaches and the broad availability of stolen credit card information as the key risk factors in the North American market.

Meanwhile, Africa and the Middle East are expected to account for the lowest fraudulent transaction losses – 3% (US$1.44 billion), same as Central and Eastern Europe.

Research author Nick Maynard explained: “To combat this fraud, eCommerce merchants must implement simple steps such as address verification, combined with risk-based scoring on transactions, which will allow merchants to best mitigate the massive fraud threats present.”

BNPL Fraud – A Major Risk

Additionally, the research found that the potential of fraud with BNPL is a major risk going forward. Given the delayed nature of BNPL payments, fraudsters can make several illegitimate payments using stolen card details before the fraudulent activity is identified, creating significant risk.

In turn, the research recommended that BNPL vendors conduct robust identity verification at the point of onboarding to mitigate these risks.

Tags: eCommerce fraudeCommerce losses to online payment fraud to exceed $48 billion globally in 2023Juniper Research
No Result
View All Result

Highlights

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

Champion of Champions: Gold Stars set for Showdown Against Asante Kotoko in Bibiani

President Mahama Secures Infrastructure, Technology, and Agriculture Deals on Japan Visit

Mida Pledges Alignment With US Strategic Shift On Millennium Challenge Corporation

Standard Chartered Empowers Future Leaders Through Financial Literacy and Mentorship

Trending

Features

Ghana Pledges Gold Sector Reforms Ahead of Critical FATF Evaluation

August 26, 2025

Ghana Pledges Gold Sector Reforms Ahead of Critical FATF Evaluation The Government of Ghana has pledged to...

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

August 25, 2025

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

August 25, 2025

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

August 25, 2025

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

August 25, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.