Fraud and Security in Global Online Payments 2019 code:1441

Fraud and Security in Global Online Payments 2019
OVERVIEW
TABLE OF CONTENTS
COMPANIES MENTIONED
Countries Covered: Australia, Austria, Brazil, Canada, China, Colombia, France, Germany, Italy, Japan, Malaysia, Mexico, Morocco, South Africa, South Korea, Spain, Switzerland, UAE, UK, USA, Vietnam
Pages: 125
Publication Date: 03/07/2019
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Questions Covered in the report:
  • How large are online payment fraud losses predicted to be in 2023?
  • What are the Card-Not-Present fraud volumes in Australia, the UK and the USA?
  • How important is online payment security to digital buyers worldwide?
  • What are the top trends in online payment fraud prevention?
  • How does payment security and fraud influence the development of mobile payments?

Key findings:

Global Online Payment Fraud Losses to Double

Card not present fraud on the rise worldwide

As retail spending is shifting towards the online channel, the issue of fraud and security in digital payments becomes increasingly important. The volume of online payment fraud losses is growing along with E-Commerce sales and is projected to more than double between 2018 and 2023, according to forecasts cited in the yStats.com report. Card not present fraud is the largest contributor to card payment fraud rates worldwide and is on the rise in the world’s top E-Commerce markets such as the UK, the USA, Japan and Australia.

Security concerns deter shoppers from paying online

Both E-Commerce sellers and online shoppers are wary of online payment fraud, as the yStats.com report reveals. In Asia-Pacific, the world’s largest region by online retail sales, over two-thirds of online shoppers rank security as the top factor that they consider when purchasing on the Internet. Fear of fraud and security prevent many Internet users in the Middle East & Africa from shopping online and lead to a high share of cash on delivery payments among those consumers who do order online. In North America, M-Commerce sellers of digital goods are especially exposed to the high total costs of digital payment fraud, while in Europe, online sellers, banks and payment providers are preparing for the new payment security regulations entering into force from September 2019, which are expected to have a major impact on the region’s E-Commerce payments landscape.

Top technologies for online payment fraud prevention

Emerging technologies are coming to the sellers’ and shoppers’ aid in mitigating the risk of online and mobile payment fraud. Among them, biometrics such as fingerprint and iris recognition technologies are expected to be some of the most effective measures in managing fraud, given the rapid growth of mobile devices enabled with biometrics. Other relevant fraud prevention technologies referenced in the yStats.com report include machine learning and behavioral analytics. Furthermore, the introduction of the new 3D Secure 2.0 protocol is expected to provide higher levels of security and convenience for card not present payments, while also driving compliance with the new regulations in Europe.

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1. Management Summary

2. Global Developments

  • Overview of Online Payment Fraud Trends, May 2019
  • Online Payment Fraud Losses, in USD billion, 2018e & 2023f
  • Breakdown of Feelings Consumers Have Towards Card Transaction Declines in Online Shopping, in % of Online Shoppers, by Frequency of Online Shopping, July 2018
  • Breakdown of Most Important Factors in Consumers’ Online Experience, in % of Consumers, 2018
  • Share of Consumers Who Have More Confidence in a Business That Uses Physical Biometrics for Online Security, in %, 2018
  • Share of Respondents Who Would be Willing to Use Fingerprint or Other Biometric to Secure Their Payment Details, in %, 2018
  • Number of Remote Mobile Biometric Transactions, in billions, and Their Share of Total In-Store and Remote Transactions Authenticated via Mobile Biometrics, in %, 2018 & 2023f
  • Breakdown of The Perceived Level of Security of Blockchain Solutions Compared to Conventional IT Solutions, in % of Senior Executives, March 2019
  • Top 10 Blockchain Use Cases, in % of Senior Executives, 2018
  • Spending on Fraud Management Solutions, 2017 & 2023f

3. Asia-Pacific

3.1. Regional

  • Estimated Card Not Present Fraud Share, in % of Total Card Payment Fraud, 2018
  • Share of Businesses That Experienced an Increase of Online Fraud Losses Over The Past Year, in %, Compared to Those With The Same Amount of Fraud and Less Fraud, 2018
  • Breakdown of The Most Important Factors in Consumers’ Online Experience, in % of Consumers, 2018
  • Top 3 Organization Types Most Trusted by Consumers in Handling Their Personal Data, in % of Consumers, 2018

3.2. China

  • Internet Security Incidents Encountered by Internet Users, in %, 2018
  • Types of Online Fraud by Internet Users, in % Internet Users Who Encountered Online Fraud, 2018
  • Major Concerns Related to Mobile Payments, in % of Mobile Payment Users, 2018
  • Top Security Issues in Mobile Payments, in % of Mobile Payment Users, 2018
  • Share of Mobile Payment Users Willing to Use Biometrics for Mobile Payment Authentication, in %, 2018

3.3. Japan

  • Card Payment Fraud Losses, by Type, in JPY billion, 2014 – 2018
  • Top Factors Considered When Selecting a Payment Method, in % of Consumers, by Consumers Paying With Cash and Consumers Paying With Non-Cash Payment Methods, June 2018
  • Reasons for Not Using QR-Based Mobile Payments, in % of Non-Users, January 2019

3.4. South Korea

  • Breakdown of Perception of The Security of Mobile Payment Methods Compared to Conventional Payment Methods, in %, 2018
  • Top 3 Preferred Method of Authentication in Mobile Payment Services, in % of Users, 2017 & 2018

3.5. Australia

  • Card Not Present Fraud, in AUD million, and Share of Total Card Payment Fraud, in %, FY 2017 & FY 2018
  • Share of Cross-Border E-Commerce Orders Rejected by Merchants Due to Suspected Fraud, in % of Australian Cross-Border E-Commerce Merchants, 2018

3.6. Malaysia

  • Reasons for Not Shopping Online, in % of Internet Users Who Do Not Shop Online, 2018
  • Top 3 Barriers to E-Wallet Adoption, in % of Non-Users of E-Wallets, 2018

3.7. Vietnam

  • Reasons for Not Shopping Online, in % of Internet Users Who Do Not Shop Online, 2018

4. Europe

4.1. Regional

  • Overview of Strong Customer Authentication Requirements Under PSD2, April 2019
  • Overview of The Strong Customer Authentication Perceptions by Industry Participants, June 2019
  • E-Commerce Merchants’ Readiness to Support Strong Customer Authentication, in %, November 2018
  • Levels of Awareness and Preparation of E-Commerce Merchants to Strong Customer Authentication Requirements, by SMEs and Large Businesses, June 2019
  • Share of Consumers Who Are Unaware of the Strong Customer Authentication Requirements for Online Purchases, in %, June 2019
  • Share of Consumers Who Prefer One-time Passcodes for Authentication, Compared to Fingerprint Recognition, in %, June 2019
  • Barriers to Buying Online, in % of Online Shoppers, July 2018
  • Attitudes to Security of Online Shopping, incl. Payment-Related, in % of Online Shoppers, by Austria, Germany and the UK, April 2018

4.2. UK

  • E-Commerce Fraud Loss on UK-Issued Cards, in GBP million, and Share of Total Card Purchase Fraud Loss, in %, 2013 – 2018
  • Top 10 Reasons for Shopping Cart Abandonment, in % of Online Shoppers, 2018e
  • Breakdown of Consumers’ Perception of Whether They Currently Undergo Enough Security Checks When Making an Online Payment, in % of Consumers, 2018
  • Breakdown of the Preferred Way of Receiving a One-time Passcode to Verify a Payment Transaction, in % of Consumers, 2018
  • Share of Cross-Border E-Commerce Orders Rejected by UK Merchants Due to Suspected Fraud, in % of UK Merchants, 2018

4.3. Germany

  • Share of E-Commerce Merchants Who Faced Fraud or Fraud Attempts in Their Online Shops, in %, 2018
  • Perceived Development of Fraud and Fraud Attempts Over the Past Year, in % of E-Commerce Merchants, 2018
  • Types of Fraud and Fraud Attempts Faced by E-Commerce Merchants in Their Online Stores, in % of E-Commerce Merchants, 2018
  • Measures Taken by E-Commerce Merchants to Prevent Fraud in Their Online Stores, in % of E-Commerce Merchants, 2018
  • Breakdown of Usage of 3D Secure for Credit Card Payments, in % of E-Commerce Sellers, 2017 – 2019
  • Breakdown of the Perceived Change in Shopping Cart Abandonment Rates After Choosing Credit Card Payment as a Result of 3D Secure,  in % of E-Commerce Sellers Using 3D Secure, 2019
  • Breakdown of Importance of Payment Topics in Merchants’ Payment Strategy Until 2020, in % of E-Commerce Merchants, 2018
  • Breakdown of Attitude to Paying by Invoice, in % of Online Shoppers, April 2018
  • Most Trusted Mobile Payment Providers, in % of Consumers, August 2018

4.4. France

  • Top 5 Services and Obligations of E-Commerce Merchants in 2019 According to Online Shoppers, in % of Online Shoppers, December 2018
  • Preferred Biometric Authentication Methods in E-Commerce, in % of Online Shoppers, 2019
  • Breakdown of Main Barriers That Make Consumers Hesitant to Purchase Online, in %, by Total Population and Online Shoppers, June 2018
  • Share of 3D Secure Payments, in % of Online Card Payments, April 2011 – April 2018
  • Breakdown of Attitudes Towards Mobile Payments, in % of Internet Users, February 2018

4.5. Spain

  • Breakdown of Factors Most Important in Online Payment Methods, in % of Online Shoppers, October 2018

4.6. Italy

  • Fraudulent Transactions’ Share of E-Commerce Sales, in %, 2017

4.7. Austria

  • Share of Online Shoppers Who Fell Victim to Internet Fraud, in %, and Type of Fraud Experienced, in %, November 2018
  • Factors Taken into Account by Online Shoppers in Order to Avoid Fraud, in % of Online Shoppers, November 2018
  • Share of Online Shoppers Who Experienced Internet Fraud, in %, and Type of Fraud Experienced, in %, December 2018

4.8. Switzerland

  • Share of E-Commerce Merchants Who Faced Fraud or Fraud Attempts in Their Online Shops, in %, 2018
  • Perceived Development of Fraud and Fraud Attempts Over the Past Year, in % of E-Commerce Merchants, 2018
  • Types of Fraud and Fraud Attempts Faced by E-Commerce Merchants in Their Online Stores, in % of E-Commerce Merchants, 2018
  • Measures Taken by E-Commerce Merchants to Prevent Fraud in Their Online Stores, in % of E-Commerce Merchants, 2018

5. North America

5.1. USA

  • Card Not Present Fraud Losses, in USD billion, 2015 – 2021f
  • Fraud Losses, by Fraud Type, in USD billion, 2017 & 2018
  • Synthetic Credit Card Fraud, in USD million, 2015 – 2020f
  • Cost of Fraud as Share of Revenues, in %, 2014-2018
  • Total Costs per Dollar of Fraud Losses for Retail Merchants, in USD, 2017 & 2018
  • Total Costs per Dollar of Fraud Losses for M-Commerce Merchants Selling Digital Goods, in USD, 2017 & 2018
  • Share of Cross-Border E-Commerce Orders Rejected by Merchants Due to Suspected Fraud, in % of USA Merchants, 2018
  • Attitudes to Security of Online Shopping, incl. Payment-Related, in % of Online Shoppers, April 2018
  • Actions That Online Shoppers Plan to Take to Protect Themselves from Identity Theft Online During Holiday Online Shopping, in % of Online Shoppers, 2018
  • Card Payment Fraud Penetration, in % of Consumers, by Card Present and Card Not Present Fraud, 2013-2018
  • Account Takeover Fraud Types, in % of Account Takeover Victims, 2018
  • Fraudulent New Accounts Opened, in % of New Account Fraud Victims, 2017 & 2018
  • Breakdown of Primary Factors That Would Prevent Internet Users From Using a Mobile Payment App, in %, March 2018
  • Share of Consumers Who Are Worried About Their Personal Information When Using a Mobile Payment App, in %, 2015 – 2018
  • Share of Adults Who Have Made a Biometric Payment, in %, by Gender and Total, March 2018
  • Share of Adults Who Believe that Biometric Payment Will Become More Commonplace in the Next 2-5 Years, in %, March 2018
  • Breakdown of Perceived Effectiveness of Emerging Technologies for Mitigating Financial Crime, in % of Professionals, September 2018

5.2. Canada

  • Most Trusted Payment Methods, in % of Internet Users, April 2019
  • Breakdown of Payment Methods Perceived as the Safest for Online Purchases, in % of Consumers, 2016-2018
  • Attitudes to Security of Online Shopping, incl. Payment-Related, in % of Online Shoppers, April 2018
  • Share of Mobile Wallet Users Who Trust That Mobile Wallet Payment Transactions are Secure, in %, 2016-2018

6. Latin America

6.1. Regional

  • Perceived Barriers to Paying via a Mobile App In-Store, in % of Banked Internet Users Who Have Not Used Mobile Payment Apps to Pay In-Store, by Selected Countries, 2018
  • Top Motivations to Start Using Mobile Payments Apps/Wallets In-Store, in % of Banked Internet Users Who Have Not Used and Do Not Intend to Use Mobile Payment Apps In-Store Next Year, by Selected Countries, 2018

6.2. Brazil

  • Top 10 Factors Considered When Making an Online Purchase Decision, incl. Payment-Related, in % of Online Shoppers, May 2018

6.3. Mexico

  • Authorization Rate of Payment Transactions on E-Commerce Websites, in % of Transactions and in % of Transaction Value, by Credit Cards and Debit Cards, Q1 2016 – Q1 2019
  • Chargeback Rate, in % of Number of Authorized Payment Transactions on E-Commerce Websites and in % of Their Value, by Credit Cards and Debit Cards, Q1 2016 – Q1 2019
  • Share of Online Shoppers Who Stored Information With an Online Merchant and Type of Information Stored with an Online Merchant, in % of Online Shoppers, 2018
  • Reasons for Not Storing Personal Information With Online Merchants, in % of Online Shoppers Who Do Not Store Personal Information With Online Merchants, 2018

6.4. Colombia

  • Payment-Related Aspects Considered When Shopping Online, in % of Online Shoppers, May 2018

7. Middle East & Africa

7.1. Regional

  • Reasons for Preferring Cash on Delivery, in % of Online Shoppers, 2018

7.2. UAE

  • Top 5 Drivers for Paying by Cash on Delivery in E-Commerce, in % of Respondents, February 2018

7.3. South Africa

  • Breakdown of Barriers to E-Commerce, incl. Payment-Related, in % of Internet Users Who Do Not Shop Online, August 2018
  • Breakdown of Factors That Would Encourage to Shop Online More, incl. Payment-Related, in % of Online Shoppers, August 2018

7.4. Morocco

  • Barriers to Shopping Online, incl. Payment-Related, in % of Internet Users, March 2018
  • Problems Encountered When Shopping Online, incl. Payment-Related, in % of Online Shoppers, March 2018
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  • MasterCard Inc.
  • Paypal Inc
  • Visa Inc.
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