Hamburg, Germany, August 03, 2019 --(PR.com
)-- Online Payment Fraud Rises in Europe and Worldwide
The volume of online payment fraud loss is on the rise worldwide, projected to more than double by 2023, compared to 2018. In Europe, online retailers in the two largest E-Commerce markets, the UK and Germany, report detection of an increasing number of fraud attempts. In the UK alone, more than one-half of card purchase fraud loss stemmed from E-Commerce as of last year. Consequently, digital buyers remain on their guard and, according to surveys cited in the yStats.com report, many would not purchase from an online store which they believe does not provide a sufficient level of payment security.
Payment Security Regulations to Transform E-Commerce Payments in Europe
The Strong Customer Authentication (SCA) requirements, to apply from September 2019 on, are expected to strengthen the safety of online purchase transactions. At the same time, the spotty level of readiness and awareness of these requirements among merchants and consumers could have a negative effect on the development of E-Commerce in Europe and lead to a considerable loss in economic activity at least in the first year after the regulations take effect.
For further information, see: https://www.ystats.com/wp-content/uploads/2019/07/2019.07.09_Product-Brochure-Order-Form_Europe-Online-Payment-Fraud-and-Security-2019.pdf
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