Online Payment Fraud Rises in Europe and Worldwide
The volume of online payment fraud loss is on the rise worldwide, projected to more than double by 2023, compared to 2018. In Europe, online retailers in the two largest E-Commerce markets, the UK and Germany, report detection of an increasing number of fraud attempts. In the UK alone more than one-half of card purchase fraud loss stemmed from E-Commerce as of last year. Consequently, digital buyers remain on their guard and, according to surveys cited in this report, many would not purchase from an online store which they believe does not provide a sufficient level of payment security.
Payment Security Regulations to Transform E-Commerce Payments in Europe
The Strong Customer Authentication (SCA) requirements, to apply from September 2019 on, are expected to strengthen the safety of online purchase transactions. At the same time, the spotty level of readiness and awareness of these requirements among merchants and consumers could have a negative effect on the development of E-Commerce in Europe and lead to a considerable loss in economic activity at least in the first year after the regulations take effect.
Questions Answered in this Report:
- What are the top online payment fraud prevention trends in Europe and worldwide?
- How are the Strong Customer Authentication requirements projected to affect the development of European digital payments?
- How large are the online payment fraud losses in Europe's largest E-Commerce market?
- What measures are taken by online merchants in selected European markets to prevent payment fraud?
- How important is the consideration of online payment security to digital buyers in Europe?
Key Topics Covered:
1. Management Summary
2. Global Developments
- Overview of Online Payment Fraud Trends, May 2019
- Online Payment Fraud Losses, in USD billion, 2018e & 2023f
- Breakdown of Feelings Consumers Have Towards Card Transaction Declines in Online Shopping, in % of Online Shoppers, by Frequency of Online Shopping, July 2018
- Breakdown of Most Important Factors in Consumers' Online Experience, in % of Consumers, 2018
- Share of Consumers Who Have More Confidence in a Business That Uses Physical Biometrics for Online Security, in %, 2018
- Share of Respondents Who Would be Willing to Use Fingerprint or Other Biometric to Secure Their Payment Details, in %, 2018
- Number of Remote Mobile Biometric Transactions, in billions, and Their Share of Total In-Store and Remote Transactions Authenticated via Mobile Biometrics, in %, 2018 & 2023f
- Breakdown of The Perceived Level of Security of Blockchain Solutions Compared to Conventional IT Solutions, in % of Senior Executives, March 2019
- Top 10 Blockchain Use Cases, in % of Senior Executives, 2018
- Spending on Fraud Management Solutions, 2017 & 2023f
- Mastercard Inc.
- Visa Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ut9cr2