Cybercrime and online fraud are a real threat to consumers and organisations, that have been growing exponentially in the past years, with predictions in the future to keep expanding and present new risks, with the further and continuous development of technology to open new opportunities for fraudsters.
No wonder, the cybersecurity sector is thriving in Europe and the UK, reporting each year higher revenue and demand on the merchants’ part, which is clearly reflected in the consumers’ raising concerns about fraud as well. According to Juniper Research, starting from $38bn of merchant losses in 2023 due to online payment fraud, the projection is to reach $91bn by 2028.[1]
Therefore, the current scenario dictates that businesses in general and Ecommerce specifically pay close attention to fraud prevention and ensuring a safe customer and buying experience. In the meantime, more and more measures are taken by consumers to protect themselves from online fraud.
In this threatening cybercrime landscape that businesses face and considering the risks that come with fraud, incorporating the right strategies and solutions is pivotal to a company’s success and wellbeing. The more integrated into the business the fraud prevention solutions are, the more optimised and secure the customer buying experience is going to be.
Thanks to the opportunities that come with the PSD2 regulation, innovative technology solutions based on machine learning and payment orchestration infrastructures that leverage payment optimisation, companies can focus on ensuring the highest level of security while increasing conversion rates and bettering the whole buying journey for their customers across the entire value chain.
In fact, payment orchestration, transaction risk analysis, tokenisation and post-authorisation fraud prevention solutions are all optimal tools for businesses that are interested in streamlining their payment processes while guaranteeing security from payment fraud.
If you wish to learn more on the topics or solutions, you can find more information of Fabrick’s whitepaper on fraud prevention and payment orchestration.
[1] Online Payment Fraud: Market Forecasts, Emerging Threats & Segment Analysis | Juniper Research, 2023
