Europe Online Payment Fraud and Security 2022

Europe Online Payment Fraud and Security 2022

E-Commerce Trends in Europe shift as Fraudulent Activities Increase: A New yStats.com Report

Fraudulent digital banking transactions in many different forms are more frequent across Europe

As online payment transactions become more numerous, so do the forms of potential fraudulent activities. B2C E-Commerce losses due to online payment fraud were expected to increase by over 10% worldwide in 2021. Card fraud in E-Commerce comprises more than two-thirds of all card fraud in the UK, and many institutions are implementing increased online security precautions to address consumer concerns. For example, payment habits in the UK and Germany have been influenced by this need for more security and its lack of security discourages many Spanish shoppers from making purchases on social networks.

Online-payment-related fraud on the rise

Losses incurred from online payment fraud are on the rise worldwide and are projected to have more than doubled in the five-year span between 2018 and 2023. In the European region, and most prominently in the UK, consumers are altering their payment habits post-COVID-19 in search of greater security. In Germany, two out of every three of E-Commerce companies has identified a noticeable rise in fraudulent activities. Over 85% of online retailers in Switzerland reported having been victims of fraud.