The COVID-19 outbreak saw a surge in e-commerce, but it also exposed a darker side. In 2020, over 38 percent of all scams worldwide were attributed to online purchases. However, as the pandemic waned, incidents of online shopping scams decreased, accounting for three in ten e-commerce transactions between January and June 2022. In 2023, the figure increased again to 41.9 percent.
Rising costs and prevention efforts
As online fraud continues to escalate, so do the financial losses and prevention efforts. E-commerce losses to online payment fraud were estimated at 41 billion U.S. dollars globally in 2022, with projections reaching 48 billion U.S. dollars by 2023. In response, the e-commerce fraud detection and prevention market is expected to grow significantly, potentially surpassing 100 billion U.S. dollars by 2027. [1273177, 1273278]
AI in fraud management
Merchants are adapting their strategies to combat the rising tide of online fraud. In 2024, 45 percent of e-merchants prioritized preventing fraud and chargebacks in their fraud management strategy, up from 40 percent in 2021. Additionally, approximately two-thirds of online merchants reported using or planning to use generative AI in e-commerce fraud management within the next 12 months to safeguard online transactions.
Online purchases as percentage of total scams reported worldwide from 2015 to 2023
The study is based on two sets of data:
- An analysis of more than 300,000 reports submitted to BBB Scam Tracker between 2015 and 2023.
- A survey conducted in 2023 with almost 6,947 people who reported a scam.
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BBB. (April 2, 2024). Online purchases as percentage of total scams reported worldwide from 2015 to 2023 [Graph]. In Statista. Retrieved December 01, 2024, from https://www.statista.com/statistics/1273277/online-purchase-share-total-scams-worldwide/
BBB. "Online purchases as percentage of total scams reported worldwide from 2015 to 2023." Chart. April 2, 2024. Statista. Accessed December 01, 2024. https://www.statista.com/statistics/1273277/online-purchase-share-total-scams-worldwide/
BBB. (2024). Online purchases as percentage of total scams reported worldwide from 2015 to 2023. Statista. Statista Inc.. Accessed: December 01, 2024. https://www.statista.com/statistics/1273277/online-purchase-share-total-scams-worldwide/
BBB. "Online Purchases as Percentage of Total Scams Reported Worldwide from 2015 to 2023." Statista, Statista Inc., 2 Apr 2024, https://www.statista.com/statistics/1273277/online-purchase-share-total-scams-worldwide/
BBB, Online purchases as percentage of total scams reported worldwide from 2015 to 2023 Statista, https://www.statista.com/statistics/1273277/online-purchase-share-total-scams-worldwide/ (last visited December 01, 2024)
Online purchases as percentage of total scams reported worldwide from 2015 to 2023 [Graph], BBB, April 2, 2024. [Online]. Available: https://www.statista.com/statistics/1273277/online-purchase-share-total-scams-worldwide/