Online Transaction Fraud To Hit $25.6 Billion By 2020Online Transaction Fraud To Hit $25.6 Billion By 2020
Juniper Research says cybercriminals will move to ‘card not present’ space with focus on ecommerce.
May 5, 2016
Online transaction fraud will more than double by 2020 as point-of-sale system security and chip and PIN card use increases, according to a new study by Juniper Research. Cybercriminals will move from "card present" to the "card not present" space.
Juniper says this type of fraud will hit $25.6 billion in 2020, up from $10.7 billion in 2015.
Three focus areas of online fraud were identified by Juniper Research: eRetail, banking, and airline ticketing. eRetail, which involves online shopping and electronic gift cards, is likely to be the most hit by 2020 with fraud -- twice that of banking, and seven times that of airline services.
The study also found cybercriminals often find a way to circumvent security measures for online fraud; they identify weak spots in the system to target.
For the full story, go to the Juniper Research study.
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