The frequency of cyber thefts, hacks, and fraud are increasing at an alarming rate projecting a highly challenging future. Rising and more frequent data breach incidents are taking headlines globally. Big names like Microsoft, Paypal, Netflix were the top targets for phishing attacks in 2018. Ever sharpened tools used by fraudsters have been impacting businesses more than ever, forcing the fraud prevention landscape to change drastically. Non-legacy payment solutions and artificial intelligence (AI) is now working in a synchronized manner with human intelligence to assist real-time data analysis and helps in decrypting the complex fraud.
In 2019, we must retrospect constructively 2018 fraud statistics and take a sneak peek into expected fraud trends.
Loss Suffered By Businesses
Many fraud records were broken and we witnessed some of the largest data breaches in 2018. With advancement in technology fraudsters are also becoming sophisticated with complex fraud techniques.
Data Breaches Made the Headlines in 2018
The average cost of data breach globally hit $3.86 Million in 2018, 6.4% more than $3.62 Million in 2017.
You must have a brief look at the below data breaches happened in 2018:
- 50 Billion Facebook users data compromised
- 500 Million Marriott customers faced data breach
- 100 Million Quora users suffered a massive breach
- 380K British Airways booking transactions had been stolen
- 40K Ticketmaster customers personal data was stolen
ID Fraud Increased 22% Worldwide During 2018 Black Friday/Cyber Monday
2018 witnessed the highest increase in ID fraud attempts during the last five years and this highlights why organizations need to use more sophisticated digital identity verification solutions in 2019.
Card Fraud Continues Being Unstoppable
Card Fraud was projected to reach $28.82 Billion in 2018 and $31.34 Billion in 2019. The continuous movement in card fraud mandates an advance and proactive approach to enjoy profitability and ROI during 2019.
Your Challenges in 2019
Mobile Fraud – In 2019 mobile continues to be a leading choice for retail shoppers. Fraudsters will keep their focus on Mobile fraud and account takeovers because security chips have made card fraud more difficult.
Internet of Things (IoT) – Hackers will become better at hijacking smart devices as more and more new gadgets remain connected with internet 24X7. Privacy compromises will be high with devices like Google Home or Amazon Echo.
Ransomware – Ransomware remains a persistent threat. More complex and new versions of ransomware will be harder to detect and will create a big challenge for businesses.
Innovate to Save with QPS Payment Solutions
Global payments world today is even denser than before when it comes to online transaction and real-time payment. AI and automation are used for both attack and defense, making it more complex to analyze data and creates necessity for constant updating the fraud preventive measures. Organizations must adopt smarter payment solutions to secure their business and customers effectively. ACT now to propel your business with QPS payments solutions equipped with 5 layers of fraud & chargeback prevention and enjoy real time accept or declines facility for secure digital payments.