According to estimates, e-commerce losses to online payment fraud were estimated at 41 billion U.S. dollars globally in 2022, up from the previous year. The figure is expected to grow further to 48 billion U.S. dollars by 2023.
Rise in e-commerce fraud
Movement restrictions introduced across the globe to counter the COVID-19 pandemic led to an unprecedented increase in e-commerce, opening a window for opportunistic fraudsters. The impact of the pandemic on e-commerce fraud attempts has been felt globally. In 2021, three-quarters of online merchants reported a net increase in these attacks compared to before the sanitary crisis. This phenomenon, however, has affected each region differently, with the share of e-commerce revenue lost to fraud being higher in Asia-Pacific and Latin America that year.
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Juniper Research. (October 12, 2022). Value of e-commerce losses to online payment fraud worldwide from 2020 to 2023 (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 10, 2024, from https://www.statista.com/statistics/1273177/ecommerce-payment-fraud-losses-globally/?ref=benjamindada.com
Juniper Research. "Value of e-commerce losses to online payment fraud worldwide from 2020 to 2023 (in billion U.S. dollars)." Chart. October 12, 2022. Statista. Accessed October 10, 2024. https://www.statista.com/statistics/1273177/ecommerce-payment-fraud-losses-globally/?ref=benjamindada.com
Juniper Research. (2022). Value of e-commerce losses to online payment fraud worldwide from 2020 to 2023 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 10, 2024. https://www.statista.com/statistics/1273177/ecommerce-payment-fraud-losses-globally/?ref=benjamindada.com
Juniper Research. "Value of E-commerce Losses to Online Payment Fraud Worldwide from 2020 to 2023 (in Billion U.S. Dollars)." Statista, Statista Inc., 12 Oct 2022, https://www.statista.com/statistics/1273177/ecommerce-payment-fraud-losses-globally/?ref=benjamindada.com
Juniper Research, Value of e-commerce losses to online payment fraud worldwide from 2020 to 2023 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1273177/ecommerce-payment-fraud-losses-globally/?ref=benjamindada.com (last visited October 10, 2024)
Value of e-commerce losses to online payment fraud worldwide from 2020 to 2023 (in billion U.S. dollars) [Graph], Juniper Research, October 12, 2022. [Online]. Available: https://www.statista.com/statistics/1273177/ecommerce-payment-fraud-losses-globally/?ref=benjamindada.com