GARTNER REPORT
Emerging Tech: 5 Elements to Prevent Digital Commerce Fraud
Published: 15 February 2024
This Gartner research report examines the changing fraud landscape, highlights growing trends in online fraud, and provides recommendations for merchants to combat fraud more effectively.
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Key insights from this report
10%
“In 2022, the National Retail Foundation estimated that more than 10% of online retail returns were abuse or fraud; this accounted for approximately $23 billion in losses.”
$23B
“Many OFD solutions focus on preventing card payment fraud at check-out; however, postpayment online fraud accounted for nearly $23 billion in losses in 2022.”
$48B
“Online fraud continues to be a major source of loss for many online retailers, accounting for an estimated $48 billion in 2023.”
According to this Gartner report, "online fraud continues to be a major source of loss for many online retailers, accounting for an estimated $48 billion in 2023. Technologies such as strong customer authentication, 3D Secure 2.0, device fingerprinting, and payments screening have become ubiquitous in some parts of the retail market to address unsophisticated scams and tactics based on compromised credentials or payment methods."
However, many existing online fraud prevention solutions and strategies, while effective at check-out, are proving inadequate as fraudsters evolve and seek new avenues to exploit merchants and their customers. In the face of ever-evolving fraud tactics, merchants must incorporate new capabilities to combat fraud effectively and proactively.
Get complimentary access to the Gartner report for insight into the growing trends in online retail fraud and top practices for effectively addressing these challenges across the five elements of digital commerce fraud prevention, including:
- Incorporating fraud intelligence
- Mitigating account takeover (ATO)
- Preventing business logic abuse
- Stopping marketplace collusion
- Preventing postpayment fraud
Gartner, Emerging Tech: 5 Elements to Prevent Digital Commerce Fraud, Dan Ayoub, 15 February 2024
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