Online Transaction Fraud To Hit $25.6 Billion By 2020

Juniper Research says cybercriminals will move to ‘card not present’ space with focus on ecommerce.

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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