Fraud costs online businesses billions of dollars every year, but new technology can identify criminal activity before the damage is done.
We’re all doing more online these days, whether that means collaborating with remote colleagues on video calls or booking travel tickets with a smartphone app. E-commerce accounted for over 19% of global retail sales in 2023, and that figure is forecast to rise to 25% by 2027. Some regions will be significantly ahead of this global total.
E-commerce, video calls and online banking are popular because they make life a little bit easier. Unfortunately, they also make life a little bit easier for criminals. According to Juniper Research , the total cost of e-commerce fraud to merchants around the world will exceed USD 48 billion in 2024. Cumulative merchant losses to online payment fraud could reach USD 362 billion between 2023 and 2028.
These are eye-watering numbers, and the damage goes deeper still. Merchants can suffer serious reputational damage if their data is breached, often alongside a fi ne from the regulator. Consumers can have their lives turned upside down as they chase refunds or rush to cancel credit cards and close online accounts.
Find more information in UHY International's Global Issue 19