Web Fraud Detection Industry Statistics

In this post, we will delve into the crucial statistics surrounding web fraud detection in the industry. From the staggering costs of online payment fraud to the impact of machine learning technology, these numbers highlight the evolving landscape of fraud prevention and the challenges faced by businesses in safeguarding their online transactions.

Statistic 1

"One in every 100 online orders is fraudulent."

Statistic 2

"The total cost of online payment fraud is forecasted to exceed $25 billion in 2024."

Statistic 3

"Machine Learning technology can reduce overall spending on fraud detection by up to 20%."

Statistic 4

"By 2023, the fraud detection and prevention market is expected to grow to $63.5 billion."

Statistic 5

"In 2020, the average fraud rate for digital goods was 1.6%."

Statistic 6

"33% of companies report losses exceeding 5% of revenue due to fraud."

Statistic 7

"In 2020, the eCommerce industry lost over $42 billion to online payment fraud."

Statistic 8

"Fraud detection tools saved the ecommerce industry an estimated $32 billion in 2020."

Statistic 9

"North America has the largest fraud detection and prevention market, accounting for over 35% in 2020."

Statistic 10

"Up to 45% of customers who experience fraud never return to the affected organization."

Statistic 11

"The use of advanced analytics and biometrics for fraud detection has risen to 29%."

Statistic 12

"70% of fraud detection technology users reported a high level of satisfaction with the technology."

Statistic 13

"Fraud rates in mobile app transactions are about twice as high as those in PC e-commerce transactions."

Statistic 14

"More than 16% of web traffic on e-commerce sites is fraud-related."

Statistic 15

"About 90% of companies had been fraud victims at least once in the last year."

Statistic 16

"By 2025, credit card fraud is expected to reach $32.96 billion globally."

Statistic 17

"Account takeover fraud (ATO) losses reached $5.1 billion in the US in 2020."

In conclusion, the statistics presented highlight the pervasive and costly nature of online fraud within the eCommerce industry. With fraud rates on the rise and significant financial losses incurred by businesses, there is a clear imperative for the implementation of advanced technologies such as machine learning and biometrics for fraud detection and prevention. The market for fraud detection tools is rapidly expanding, with substantial savings already realized by ecommerce businesses. As fraud rates continue to escalate, it is crucial for companies to adopt effective measures to safeguard their operations and maintain the trust of their customers, as the repercussions of fraud extend beyond financial losses to customer retention and industry reputation.