Fraud and Security in Global Online Payments 2022 Report: Facial Recognition is Projected to Grow at About 16% CAGR from 2020 to 2025
Dublin, April 01, 2022 (GLOBE NEWSWIRE) — The “Fraud and Security in Global Online Payments 2022” report has been added to ResearchAndMarkets.com’s offering.
Mobile app became the most targeted device for online banking fraud commitments globally in Q2 2021
As the use of mobile phones for online activities such as purchases, payments, or banking increased, fraudsters began to target these devices as well. In particular, the share of fraudulent digital banking transactions globally conducted via mobile apps grew steadily over the last couple of years; the overall share of fraud committed via mobile devices was estimated to be more than 50% in the second quarter of 2021.
In China, the most common mobile payment security problem in 2020 was personal information leakage. In France, nearly 80% of adults fear becoming victims of online mobile payment fraud, according to an October 2021 survey.
B2C E-Commerce losses from digital payment fraud worldwide were expected to exceed 20 billion US dollars in 2021
While E-Commerce is growing tremendously worldwide, fraud is also on the rise, especially since the COVID-19 pandemic in 2020. This is because consumers around the world are switching heavily to online shopping. Thus, between 2020 and 2021, B2C E-Commerce losses from online payment fraud globally were expected to increase by 18% from the previous year and exceed 20 billion US dollars in 2021.
Moreover, large-scale fraud activity was observed in the European region, namely, in the DACH region (Germany, Austria, and Switzerland). For example, more than 90% of online stores experienced frauds or fraud attempts in the last 12 months, as of March 2021.
“Security” was the most critical factor that consumers around the world considered when online in 2021
Consumer behavior and preferences around the world have changed dramatically over the past couple of years, and that change includes security. For example, more than 80% of consumers around the world consider “security” to be an important factor in their online experience, according to a September 2021 survey. In Japan, “security” was the 2nd top factor needed for entirely cashless payments, chosen by over a third of surveyed Japanese respondents in August 2021.
Thus, consumers are increasingly choosing to protect their experience through authentication, such as using facial recognition when making online payments, which is projected to grow at about 16% CAGR from 2020 to 2025 globally.
Questions Covered in the report:
- What was the worldwide estimated value of B2C E-Commerce losses to online payment fraud in 2021?
- How is the number of users making online payments with facial recognition predicted to develop globally between 2020 and 2025?
- What were the most trusted payment methods in France in 2021?
- How did the average monthly shares of successful and prevented fraud attacks change in the US and Canada between 2020 and 2021?
- What were the most critical criteria considered when choosing an online shopping site in Colombia, South Africa, and Morocco?
Companies Mentioned
- American Express
- Discover
- EMVCo
- JCB
- Mastercard
- Paypal
- UnionPay
- Visa Inc
Key Topics Covered:
1. Management Summary
2. Global Developments
- Overview of Online Payment Fraud Trends, February 2022
- Overview and Updates of Payment Authentication Solutions, February 2022
- Breakdown of Digital Banking Fraudulent Transactions, by Channel, incl. Mobile App, in %, Q3 2019 – Q2 2021
- Value of B2C E-Commerce Losses to Online Payment Fraud, in USD billion, 2020 & 2021e
- Value of Consumer Losses To Fraudulent Robocalls, in USD billion, 2021e & 2022f
- Top Important Factors in Consumers’ Online Experience, in % of Consumers, September 2021
- Number of Users Making Online Payment With Facial Recognition, in billions, 2020 & 2025f
- Number of Users Who Will Be Confirming Transactions With Voice Recognition, in millions, 2020 & 2025f
- Attitudes Towards Interaction With Business Online, incl. Purchasing, in % of Adult Consumers, January 2021
3. Asia-Pacific
3.1. Regional
3.2. China
3.3. Japan
3.4. Australia
3.5. Vietnam
4. Europe
4.1. Regional
4.2. UK
4.3. Germany
4.4. France
4.5. Spain
4.6. Italy
4.7. Austria
4.8. Switzerland
5. North America
5.1. Regional
5.2. USA
5.3. Canada
6. Latin America
6.1. Regional
6.2. Brazil
6.3. Mexico
6.4. Colombia
7. Middle East & Africa
7.1. UAE
7.2. South Africa
7.3. Morocco
For more information about this report visit https://www.researchandmarkets.com/r/p94u40
CONTACT: CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
[email protected]
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
