GITNUX MARKETDATA REPORT 2023

Must-Know Ecommerce Fraud Statistics [Latest Report]

Facts about this Market Data Report

IconJournalist involved: 3
IconCited by: 111
IconStatistics researched: 42

Highlights: The Most Important Ecommerce Fraud Statistics

  • In 2017 and 2018, 24 billion US dollars was lost due to credit card fraud, with 92% of fraudulent activity attributed to online fraudulent activity.
  • In 2021, over 150 American credit card holders were victims of credit card fraud, resulting in charges of over a billion US dollars.
  • Global e-commerce fraud loss is estimated to reach $48 billion by the end of 2023, a 16% YoY increase.
  • In 2017 and 2018, 24 billion US dollars was lost due to credit card fraud, with 92% of fraudulent activity attributed to online fraudulent activity.
  • 35% of payment fraud is caused by customers, highlighting the importance of customer accountability in ecommerce fraud prevention.
  • Credit card fraud decreased by 1% in 2020, with 28% of victims aged between 30โ€“39 years old.
  • In 2021, over 150 American credit card holders were victims of credit card fraud, resulting in charges of over a billion US dollars.
  • Global e-commerce fraud loss is estimated to reach $48 billion by the end of 2023, a 16% YoY increase.

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Ecommerce fraud is a growing problem for online retailers, and it's important for business owners to stay up to date on the latest fraud statistics.

In this blog post, we'll take a look at the current state of ecommerce fraud and discuss the best ways to protect your business from fraudulent activity.

Ecommerce Fraud: The Most Important Statistics

In 2017 and 2018, 24 billion US dollars was lost due to credit card fraud, with 92% of fraudulent activity attributed to online fraudulent activity.

In 2021, over 150 American credit card holders were victims of credit card fraud, resulting in charges of over a billion US dollars.

Global e-commerce fraud loss is estimated to reach $48 billion by the end of 2023, a 16% YoY increase.

Ecommerce Fraud: Statistics Overview

In 2017 and 2018, 24 billion US dollars was lost due to credit card fraud, with 92% of fraudulent activity attributed to online fraudulent activity.

This statistic matters because it shows that online fraud is a major issue that needs to be addressed. This statistic highlights the importance of having strong security measures in place to protect against online fraud, as it can have a significant financial impact on businesses.

35% of payment fraud is caused by customers, highlighting the importance of customer accountability in ecommerce fraud prevention.

This statistic highlight the importance of customer accountability in preventing payment fraud. By understanding the percentage of payment fraud caused by customers, businesses can better understand how to prevent fraudulent activity and protect their customers.

Credit card fraud decreased by 1% in 2020, with 28% of victims aged between 30โ€“39 years old.

This statistic shows the prevalence of credit card fraud and the age group that is most affected. This information can be used to inform strategies to reduce credit card fraud and identity fraud, such as better fraud prevention measures and awareness campaigns targeting the age group most affected.

In 2021, over 150 American credit card holders were victims of credit card fraud, resulting in charges of over a billion US dollars.

This statistic highlight the prevalence of credit card fraud in the United States, as well as the amount of money that is lost due to this type of fraud. This information can help ecommerce businesses better understand the risks associated with credit card fraud and take steps to protect their customers and their businesses.

2 in 5 South Africans are aware that they can be victims of fraud during the festive period, which is when the rate of fraudulent activity is highest.

This awareness is essential in order to reduce the amount of fraud that occurs and to protect consumers from becoming victims.

Global e-commerce fraud loss is estimated to reach $48 billion by the end of 2023, a 16% YoY increase.

This statistic shows the growing trend of fraudulent attempts and the need for online retailers to stay up to date with the evolving scam tactics. This increase in fraud loss can have a significant impact on the bottom line of online retailers, and the need to invest in better fraud prevention measures is more important than ever.

The most common types of e-commerce fraud are identity theft (71%), phishing (66%) and account theft (63%), with credit cards being the most popular target.

This matters because it highlights the need for system integration to provide a unified view of all transactions across all markets to prevent fraud.

80% of US and UK consumers have made an online purchase in the past 3 months, yet 21% are concerned about entering their card information and 54% are less likely to try out newer technology due to the risk of fraud.

This shows that consumers are aware of the risk of fraud and are willing to change their shopping habits in order to avoid it. This highlights the need for businesses to prioritize data protection and fraud prevention measures in order to ensure customer trust and loyalty.

Conclusion

In conclusion, ecommerce fraud is a growing problem that affects businesses of all sizes. The statistics show that the number of fraud attempts is increasing, and the losses are becoming more significant.

Businesses must take steps to protect themselves from ecommerce fraud, such as implementing fraud prevention measures, monitoring transactions, and training staff to recognize suspicious activity. By taking these steps, businesses can reduce their risk of becoming victims of ecommerce fraud.

References

1 - https://review42.com/resources/ecommerce-fraud-statistics/

2 - https://www.globenewswire.com/news-release/2021/12/02/2345011/0/en/Suspected-E-Commerce-Fraud-Attempt-Rates-Between-Thanksgiving-and-Cyber-Monday-Increase-25-Compared-to-the-Rest-of-the-Year.html

3 - https://timesofindia.indiatimes.com/blogs/voices/facts-and-figures-about-marketplace-fraud-and-how-to-prevent-it/

4 - https://financesonline.com/ecommerce-fraud-statistics/#:~:text=Credit%20card%20fraud%20was%20the,losses%20(Columbus%2C%202020).

5 - https://get.eftsure.com.au/statistics/payment-fraud-statistics/

6 - https://webtribunal.net/blog/ecommerce-fraud-statistics/

7 - https://www.fool.com/the-ascent/research/identity-theft-credit-card-fraud-statistics/

8 - https://www.security.org/digital-safety/credit-card-fraud-report/#:~:text=According%20to%20our%20research%2C%2065,had%20been%20victims%20of%20fraud.

9 - https://www.iol.co.za/business-report/economy/digital-festive-fraud-spikes-nearly-8-in-the-country-transunion-304c986d-1812-4cd8-892f-f1db768d56ba

10 - https://www.transunion.co.za/archives-article/sa-ecommerce-holiday-fraud-trends-2021#:~:text=Suspected%20ecommerce%20fraud%20attempt%20rate,Cyber%20Monday)%20were%20potentially%20fraudulent.

11 - https://financesonline.com/ecommerce-fraud-statistics/#:~:text=US%20retailers%20faced%20a%207.3,(Signal%20Sciences%2C%202019).

12 - https://dazeinfo.com/2022/10/14/ecommerce-fraud-losses-in-2022-2023-cybercriminals-may-steal-48-billion-in-2023/#:~:text=According%20to%20a%20recent%20study,end%20of%20the%20next%20year.

13 - https://financesonline.com/ecommerce-fraud-statistics/#:~:text=US%20retailers%20faced%20a%207.3,(Signal%20Sciences%2C%202019).

14 - https://www.information-age.com/seven-types-e-commerce-fraud-explained-1396/

15 - https://financesonline.com/ecommerce-fraud-statistics/#:~:text=US%20retailers%20faced%20a%207.3,(Signal%20Sciences%2C%202019).

16 - https://www.virid.com/blog/general/what-does-ecommerce-fraud-really-cost-your-business

17 - https://financesonline.com/ecommerce-fraud-statistics/#:~:text=US%20retailers%20faced%20a%207.3,(Signal%20Sciences%2C%202019).

18 - https://spd.group/machine-learning/e-commerce-fraud-detection/

19 - https://financesonline.com/ecommerce-fraud-statistics/#:~:text=US%20retailers%20faced%20a%207.3,(Signal%20Sciences%2C%202019).

20 - https://business-reporter.co.uk/finance/global-e-commerce-increases-during-covid-19--and-with-it-fraud

ZipDo, cited June 2023: Ecommerce Fraud Statistics

Srive - E Learning And Digital Education Statistics

Frequently Asked Questions

Ecommerce fraud refers to any fraudulent transaction that takes place in an online store, typically involving unauthorized card or account use, false refund requests, or fake identities.
Ecommerce fraud is a significant and growing problem. According to a report from Juniper Research, online businesses lost over $17.5 billion due to online fraud in 2020 and itโ€™s projected to grow in the coming years.
The most common types include identity theft, credit card fraud, chargeback fraud and phishing. Each type involves different methods and tactics, but all involve deceptive practices to wrongfully gain goods or services.
Ecommerce fraud can be mitigated with a number of strategies including secure payment gateways, verification protocols, data encryption and AI technology for detecting fraudulent patterns. It’s also important to educate customers about fraudulent practices to help protect their personal information.
Ecommerce fraud can have serious financial impacts on businesses, including the loss of goods, money and possible chargeback fees. It can also damage a company’s reputation, leading to a potential loss of customers. Businesses often need to invest in preventative measures and fraud detection systems, which can be costly but are necessary to protect their operations.
How we write these articles

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly. See our Editorial Guidelines.

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