Security News > 2021 > May > eCommerce fraud losses to surpass $20 billion this year

The value of losses due to eCommerce fraud will rise this year, from $17.5 billion in 2020 to over $20 billion by 2021; a growth of 18% over a single year, according to a study from Juniper Research.

The research found that fraudsters have targeted consumers as they have increased their eCommerce use; exposing insecure fraud mitigation processes from merchants who are unfamiliar and unprepared for the continuing fraud challenges in this market.

The research identified that merchants need to do more to implement fraud prevention strategies across all of their eCommerce channels, or they will continue to experience large losses.

China will be the single largest eCommerce fraud market.

The research also found that China will be the largest single eCommerce fraud market in the world; accounting for over 40% of eCommerce fraud losses globally in 2025, at over $12 billion.

The research identified a massive eCommerce market and a relative lack of fraud detection and prevention platform deployment as the key drivers behind this.

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