Juniper Research is predicting that annual online payment fraud losses from eCommerce, airline ticketing, money transfers and banking services, will reach $48 billion by 2023 which is up from the $22 billion in losses projected for 2018.
Ryan Wilk, VP of Customer Success at Nudata Security:
“With complete user identities available on the dark web due to the steady drumbeat of breaches and leaks, the rise in online fraud isn’t surprising. However, protecting accounts with additional friction can affect the user experience – and the company’s revenue. This is why we’re seeing more businesses shift to a multi-layered approach to verify their users online – one that includes passive biometrics and behavioural analytics. These technologies are invisible to the user and don’t rely on personally identifiable information to verify a user. Passive biometrics looks at the user’s inherent behaviour, – how they type or hold the device, for instance – making the data impossible replicate by a third party. Additionally, the use of multi-layered solutions with passive biometrics devalues stolen data, as it is not enough to take over someone’s account and make profit.”