A new report from Juniper Research predicts that global ecommerce fraud losses will rise sharply from $44 billion in 2024 to $107 billion in 2029, marking an increase of 141%. This surge is largely driven by the growing role of AI, which is making fraud attacks more sophisticated and challenging to prevent.
Key Findings:
- AI’s Role: The use of AI technologies, including deepfakes, is enabling fraudsters to bypass verification systems, leading to more advanced and large-scale attacks on ecommerce platforms.
- Urgency for AI-Driven Prevention: Juniper Research emphasizes the need for ecommerce merchants to adopt fraud prevention systems with AI capabilities to stay ahead of emerging fraud tactics. This is especially critical in developed markets, where larger merchants are at higher risk of being targeted.
- Testing Stolen Credit Cards: Fraudsters are increasingly using sophisticated methods, like testing stolen credit cards, which highlights the importance of faster, AI-powered fraud detection systems.