Online Payment Fraud to Increase Over Next Five Years, Report Predicts

A report released last week by UK-based Juniper Research found that that global retailers are set to lose roughly $130 billion in digital card-not-present fraud between 2018 and 2023.

Entitled “Online Payment Fraud: Emerging Threats, Segment Analysis & Market Forecasts 2018-2023,” the report noted that increasingly complex approaches by fraudsters, alongside retailers’ inertia in adapting to new fraud prevention requirements, would be key factors behind the increases in fraud transaction value.

The study shows the impact on retailers, but credit unions and other card issuers will also be hit because they have to reissue cards and cover fraud losses following a breach.

The findings go on to claim that as "cybercriminals seek to monetise their knowledge to a wider, less tech-savvy audience, complex cross channel fraud will become the 'new normal', with retailers ill-prepared to fight it."

CUNA and the state leagues will continue to press Capitol Hill lawmakers to enact a national data security standard that subjects retailers and other entities with access to payment card information to the same security standards as card issuers under Graham Leach Bliley.