Online Fraud Detection Spend To Hit €8.2 Billion By 2020 As Fraudsters Target Mobile Transactions
A new study from Juniper Research has found that global eCommerce merchants and financial institutions will be investing heavily in online fraud detection solutions over the next five years with annual spending reaching €8.2 billion by 2020, up by 30 per cent on current levels.
An analyst house in the digital commerce and FinTech sector, Juniper Research delivers research into payments, banking and financial services.
According to the study, fraudsters now perceive mobile payment channels to be particularly vulnerable - and therefore attractive targets - as many organisations have yet to apply the same levels of protection to mobile as they have to desktop transactions.
“Digital security companies regard the mitigation of mobile fraud as a key revenue generator in the medium term,” claimed the report's author Gareth Owen. He argued that this was driving the development and implementation of advanced biometric authentication technologies which the companies claim can make mobile purchases as secure as any other web-based transactions.
In a survey of fraud detection solutions, the study ‘Online Payment Fraud: Key Vertical Strategies and Management 2016-2020’ found that the leading solution vendors were now capable of reducing fraud levels down to less than 0.1 per cent of transaction values in some key eCommerce verticals.
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