Fraud and Security in Global Online Payments: Mobile Apps were the Most Targeted Device for Online Banking Fraud Worldwide in Q2 2021 | News
DUBLIN, April 11, 2022 /PRNewswire/ — The “Fraud and Security in Global Online Payments 2022” report has been added to from ResearchAndMarkets.com offer.
As the use of mobile phones for online activities such as shopping, payments or banking increased, fraudsters also started targeting these devices. In particular, the share of fraudulent digital banking transactions conducted globally via mobile apps has increased steadily over the past two years; the overall share of fraud committed via mobile devices was estimated at more than 50% in the second quarter of 2021. China, the most common mobile payment security issue in 2020 was the leakage of personal information. In FranceNearly 80% of adults fear becoming victims of online mobile payment fraud, according to a October 2021 survey.
While e-commerce is growing tremendously around the world, fraud is also on the rise, especially since the COVID-19 pandemic in 2020. Indeed, consumers around the world are turning massively towards online shopping. Thus, between 2020 and 2021, B2C e-commerce losses due to online payment fraud worldwide are expected to increase by 18% compared to the previous year and exceed 20 billion US dollars in 2021. In addition, large-scale fraud activity has been observed in the European region, namely in the DACH region (Germany, Austriaand Swiss). For example, over 90% of online stores have experienced fraud or attempted fraud in the past 12 months, as of March 2021.
‘Security’ was the most critical factor consumers around the world considered when going online in 2021
Consumer behavior and preferences around the world have changed dramatically over the past two years, and that change includes security. For example, more than 80% of consumers worldwide rate “security” as an important factor in their online experience, according to a September 2021 survey. In Japan“Security” was the 2nd most necessary factor for making fully cashless payments, chosen by more than a third of Japanese respondents surveyed in August 2021. As a result, consumers are increasingly choosing to protect their experience through authentication, such as the use of facial recognition when making online payments, which is expected to grow around 16% CAGR from 2020 to 2025 globally. .
Questions covered in the report:
- What was the estimated global value of B2C e-commerce losses due to online payment fraud in 2021?
- How is the number of users making online payments with facial recognition expected to change globally between 2020 and 2025?
- What were the most reliable payment methods in France in 2021?
- How have the average monthly shares of successful and avoided fraudulent attacks changed in the United States and Canada between 2020 and 2021?
- What were the most critical criteria considered when choosing an online shopping site in Colombia, South Africaand Morocco?
- Overview of online payment fraud trends, February 2022
- Presentation and updates of payment authentication solutions, February 2022
- Breakdown of Fraudulent Digital Banking Transactions, by Channel, incl. Mobile app, in %, Q3 2019 – Q2 2021
- Value of B2C e-commerce losses due to online payment fraud, USD billion, 2020 and 2021e
- Value of consumer losses from fraudulent robocalls, USD billion, 2021e and 2022f
- Main factors important in consumers’ online experience, in % of consumers, September 2021
- Number of users making online payments with facial recognition, in billions, 2020 and 2025f
- Number of users who will confirm transactions with voice recognition, in millions, 2020 and 2025f
- Attitudes towards interacting with online businesses, incl. Purchases, as % of adult consumers, January 2021
- American Express
- Union Pay
- Visa Inc.
For more information about this report visit https://www.researchandmarkets.com/r/xfgue6
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SOURCE Research and Markets