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Online Payment Fraud Report 2021

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Online Payment Fraud Report 2021 ONLINE PAYMENT FRAUD Emerging Threats • Segment Analysis • Market Forecasts • 2021-2025 Reprint for Experian www.juniperresearch.com ONLINE PAYMENT FRAUD Reprint for Experian 1 First Published April 2021 Juniper Research endeavours to provide accurate information. Whilst information, advice or comment is believed to be correct at the time of publication, Juniper Research cannot accept any responsibility © Juniper Research Limited All rights reserved. for its completeness or accuracy. Accordingly, Juniper Research, author or distributor shall not be liable to any person or entity with respect to any loss or damage caused or alleged to be caused Published by: directly or indirectly by what is contained in or left out of this publication. Juniper Research Limited, 9 Cedarwood, This report contains projections and other forward-looking statements that have been developed Chineham Park, Basingstoke, through assumptions based on currently available information. All such statements and assumptions RG24 8WD, UK are subject to certain risks and uncertainties that could cause actual market parameters and UK: Tel +44 (0) 1256 830001/475656 performance to differ materially from those described in the forward-looking statements in the US: Tel +1 408 716 5483 www.juniperresearch.com published reports. Such factors include, without limitation, unanticipated technological, environmental, [email protected] political, social and economic factors beyond the control of Juniper Research. Forecasting is by definition a dynamic process that depends on the factors outlined above and can be Printed in United Kingdom vulnerable to major changes as a result. Juniper Research operates a policy of continuous Nick Maynard and Susan Morrow are the Authors of this Work improvement and reserves the right to revise forecasts at any time without notice. All rights reserved: Juniper Research welcomes the use of its data for internal information and Report Author communication purposes, subject to the purchased license terms. When used it must include the Nick Maynard and Susan Morrow following “Source: Juniper Research”. Prior written approval is required for large portions of Juniper Research documents. Juniper Research does not allow its name or logo to be used in the promotion of products or services. External reproduction of Juniper Research content in any form is forbidden unless express written permission has been given by Juniper Research. Copying and/or modifying the information in whole or in part are expressly prohibited. If you wish to quote Juniper Research please submit the planned quotation to [email protected] for approval. ONLINE PAYMENT FRAUD Reprint for Experian 2 Foreword Juniper Research Limited Regional Definitions Juniper Research is a European based provider of business North America: Canada, US. Canada, US intelligence. We specialise in providing high quality data and Latin America: Argentina, Aruba, Bahamas, Barbados, Belize, Bolivia, Brazil, Argentina, Aruba, Bahamas, Barbados, Belize, Bolivia, Brazil, Cayman Islands, Chile, Colombia, Costa Rica, Cuba, Dominica, Cayman Islands, Chile, Colombia, Costa Rica, Cuba, Dominica, fully-researched analysis to manufacturers, financiers, Dominican Republic, Ecuador, El Salvador, French Guiana, Dominican Republic, Ecuador, El Salvador, French Guiana, developers and service/content providers across the Grenada, Guadeloupe, Guatemala, Guyana, Haiti, Honduras, Grenada, Guadeloupe, Guatemala, Guyana, Haiti, Honduras, communications sector. Jamaica, Martinique, Mexico, Netherlands Antilles, Nicaragua, Jamaica, Martinique, Mexico, Netherlands Antilles, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, St. Kitts and Nevis, St. Lucia, Panama, Paraguay, Peru, Puerto Rico, St. Kitts and Nevis, St. Lucia, Consultancy Services: Juniper Research is fully independent St. Vincent and the Grenadines, Surinam, Trinidad and Tobago, St. Vincent and the Grenadines, Surinam, Trinidad and Tobago, Turks and Caicos Islands, Uruguay, Venezuela, Virgin Islands. Turks and Caicos Islands, Uruguay, Venezuela, Virgin Islands. and able to provide unbiased and reliable assessments of West Europe: Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, markets, technologies and industry players. Our team is drawn Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, from experienced senior managers with proven track records in Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK. Netherlands, Norway, Portugal, Spain, Sweden, Switzerland UK. each of their specialist fields. Central & East Europe: Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Moldova, Montenegro, Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Moldova, North Macedonia, Poland, Romania, Russia, Serbia, Slovakia, Poland, Romania, Russia, Serbia/Montenegro, Slovakia, Slovenia, Slovenia, Turkey, Ukraine. Turkey, Ukraine. Far East & China: China, Hong Kong, Japan, Macao, South Korea, Taiwan. China, Hong Kong, Japan, Macao, South Korea, Taiwan. Indian Subcontinent: Bangladesh, India, Nepal, Pakistan, Sri Lanka. Bangladesh, India, Nepal, Pakistan, Sri Lanka. Rest of Asia Pacific: Australia, Brunei, Fiji, New Caledonia, New Zealand, Cambodia, Australia, Brunei, Fiji, New Caledonia, New Zealand, Cambodia, Indonesia, Laos, Malaysia, Maldives, Mongolia, Myanmar, Indonesia, Laos, Malaysia, Maldives, Mongolia, Myanmar, Philippines, Singapore, Thailand, Vietnam. Philippines, Singapore, Thailand, Vietnam. Africa & Middle East: Afghanistan, Algeria, Angola, Armenia, Azerbaijan, Bahrain, Benin, Afghanistan, Algeria, Angola, Armenia, Azerbaijan, Bahrain, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Cote d’Ivoire, Democratic African Republic, Chad, Comoros, Congo, Cote d’Ivoire, Democratic Republic of Congo, Djibouti, Egypt, Equatorial Guinea, Eswatini, Republic of Congo, Djibouti, Egypt, Equatorial Guinea, Ethiopia, Ethiopia, Gabon, Gambia, Georgia, Ghana, Guinea, Guinea-Bissau, Gabon, Gambia, Georgia, Ghana, Guinea, Guinea-Bissau, Iran, Iraq, Iran, Iraq, Israel, Jordan, Kazakhstan, Kenya, Kuwait, Kyrgyzstan, Israel, Jordan, Kazakhstan, Kenya, Kuwait, Kyrgyzstan, Lebanon, Lebanon, Lesotho, Libya, Madagascar, Malawi, Mali, Mauritania, Lesotho, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Oman, Morocco, Mozambique, Namibia, Niger, Nigeria, Oman, Palestine, Palestine, Qatar, Reunion, Rwanda, Saudi Arabia, Senegal, Qatar, Reunion, Rwanda, Saudi Arabia, Senegal, Seychelles, Sierra Seychelles, Sierra Leone, South Africa, South Sudan, Sudan, Syria, Leone, South Sudan, Sudan, Swaziland, Syria, Tajikistan, Tunisia, Tajikistan, Tanzania, Tunisia, Turkmenistan, Uganda, United Arab Turkmenistan, Uganda, United Arab Emirates, Uzbekistan, Yemen, Emirates, Uzbekistan, Yemen, Zambia, Zimbabwe Zambia, Zimbabwe ONLINE PAYMENT FRAUD Reprint for Experian 1 Contents 1.6 Real-time Payments ...................................................................... 19 1. Online Payment Fraud: Market Overview Figure 1.4: Global Instant Payments Market Status ............................................ 19 1.1 Introduction ...................................................................................... 3 1.6.1 Fraud & Payments ...................................................................... 20 1.2 Types of Fraud ................................................................................. 3 i. Problems Inherent in Infrastructure & Processes ............................................. 21 1.3 Key Trends in Digital Fraud ............................................................ 6 2. Online Payment Fraud: Competitor Analysis Figure 1.1: Experian Fraud Statistics .................................................................... 6 2.1 Introduction .................................................................................... 23 1.3.1 Fitting the Human into Payment Fraud ....................................... 7 2.2 Juniper Research Leaderboard.................................................... 23 1.3.2 Continued Darknet Activity & Messaging Apps ......................... 8 Table 2.1: FDP Vendor Capability Assessment Criteria ...................................... 24 i. From Darknet to Clearnet .................................................................................. 8 Figure 2.2: Juniper Research Leaderboard: FDP Vendors ................................. 25 ii. Key Takeaways................................................................................................. 8 2.2.1 Limitations & Interpretations ..................................................... 26 1.3.3 Identity Theft ................................................................................. 9 2.3 Experian Company Profile ............................................................ 27 i. Data Breaches ................................................................................................. 10 Table 2.3: Juniper Research Leaderboard: FDP Vendors .................................. 27 Figure 1.2: Significant 2020 Data Breaches ........................................................ 11 Figure 1.3:
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