Online payment fraud losses from airline ticketing, ecommerce, money transfer and banking services will reach $48 billion by 2023, according to a new forecast by Juniper Research.
The projected losses will be an increase from $22 billion this year. A major driver behind an increase in fraud is the shift to mobile transactions and services.
Transaction fraud in personal money transfer services is expected to grow 23% annually due to the increase in instant payment mechanisms with fraud driven by social engineering, malware and app tampering.
Overall fraud for all segments is projected to exceed 13% except for airline ticketing, with annual fraud forecast in that segment at 5%.
Digital identity theft also is growing due to a greater number of digital services requiring proof of identification, spear phishing and data breaches, according to Juniper.
Card-not-present fraud is projected to reach $29 billion globally by 2023.