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BizReport : Internet : July 25, 2017

Online fraud detection spend to rise 22% by 2022

Spending on online fraud detection and prevention will rise by over twenty percent between now and 2022, according to a new forecast from Juniper Research, driven in part by Internet of Things security concerns.

by Helen Leggatt

By the close of 2022, Juniper Research estimates that annual spending on online fraud detection and prevention solutions will exceed $9 billion - a 22% increase on 2017.

Driving the growth in spending will be concerns surrounding the security of Internet of Things along with the emergence of 3-D Secure 2.0, the underlying security architecture of the Verified by Visa authentication service for digital purchases.

In terms of regions, Juniper warns that some will become targets for banking and payments fraud due to their relatively small spend on prevention solutions. Latin America, India, and Africa/Middle East will account for just 4% of total online fraud detection and prevention spending in 2022.

Previous research from Juniper found that retailers stand to lose $71 billion globally from fraudulent Card-Not-Present transactions over the next five years. Their latest worldwide market study found that a number of factors - such as the shift to EMV cards, delays in 3D-Secure 2.0 and click-and-collect fraud - were key drivers behind the rise.

Tags: fraud prevention, Internet of Things, Juniper, online fraud

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