The Paypers has published the Fraud Prevention in Ecommerce Report 2022-2023 , setting the scene for the latest insights and developments regarding fraud prevention technologies and related regulations. The current global economic downturn – caused by the ongoing war in Ukraine and spikes in prices of gas and energy – which led to an increased inflation rate and a potential new worldwide recession also impacted the fraud sector, as scammers are eager to prey on the weak.

This year’s edition of the report is spread across six comprehensive chapters, as we aim to encompass the common and new emerging types of fraud, the most up-to-date fraud prevention strategies and solutions, as well as the latest implementations of standards, compliance, and regulations in the field. Trends and forecasts that stakeholders pivotally need to consider for the upcoming year We invite you to follow the narrative line of our industry experts – associates, consultants, and merchants – as we dive deeper into the world of fraud prevention and share valuable insights on what happened in 2022, as well as what to expect for the upcoming year. Topics such as Fraud-as-a-Service, social media fraud, and gift card fraud represent this year’s hottest trends, followed closely by more common types of fraud, including CNP fraud, refund abuse, first-party misuse, bot attacks, multi-accounting, and others.

Highlights of the report The following ideas are a short collection of valuable takeaways from the 2023 trends and forecasts identified by The Paypers’ expert collaborators in the Fraud Prevention in Ecommerce Report 2022-2023: PSD2 had a successful implementation but PSD3 could be implemented in the following years, making payments safer and aligning with the current EU policy. The holiday season is when merchants and shoppers should expect a spike in scams and fraudulent purchase attempts, as online platforms are eager to attract more customers with special offers, bonuses, and prizes.   The most affected verticals by fraud remain the travelling and online gambling sectors, where companies face a wide combination of fraud types, from multi-accounting to bonus fraud, chargebacks, or synthetic identity fraud.

The input from industry experts paints the current global economic downturn that can further expand fraudsters’ area of reach, looking for additional vulnerabilities from both merchants and end-users to carry on their criminal activities.   Despite more austere budgets for the upcoming year, ecommerce retailers and fraud prevention solution providers must continue to invest in fraud prevention teams and technologies that will ultimately positively impact their operations and costs in terms of lost revenues as a direct cause of fraud. The above key points and conclusions represent just a small snippet of an otherwise complex and comprehensive collection of expert opinions and interviews that span across the global fraud environment, focusing on both identifying the key types of fraud and addressing the problem at various layers, from end-users to retailers and fraud prevention solution creators.

Speaking on first-party misuse and fraud prevention in general, Una Dillion, VP of Global Expansion and Merchant Advocacy at MRC says that ‘together, we really can make a difference; you only have to look at the remarkable progress made over the last year to see the truth in that’. Therefore, even though fraud cannot be fully eliminated, through collective efforts from policy decision makers, companies, retailers, and more educated users, it can be diminished without adding too much friction. Key partners and collaborators The following reputed consultancy firms, key players, and experienced fraud solution developers contributed to this year’s report with their expert insights and forecasts, as follows, in a structure meant to shape the way we approach fraud in all its complexity, in 2023.

We would like to thank each and every one of our contributors for their efforts and we hope you will enjoy the reading as much as we did: Editorials and interviews on key trends in ecommerce fraud from Sift, MRC, The Strawhecker Group, and the Global Anti-Scam Alliance  Interviews and editorials on fighting the most common types of fraud by deploying new fraud prevention strategies from Checkout. com, Dispute Defense Consulting, Kipp, and Netcetera Contributions on the most affected verticals by fraud from Sumsub and Chargebacks911 Opinions on how to fight fraud during the holiday season from Scott Augenbaum and CMSPI Best practices on how to fight fraud courtesy of Wargaming. net and Augie Kennady Editorials and interviews on the latest updates on technology to fight fraud from Nethone, Ping Identity, and Juniper Research Valuable inputs on how fraud affects operations and costs from ACI Worldwide and CAF Editorials and interviews on the latest standards and compliance policies from Worldline, Signifyd, and Forter.

Lastly, our section of Company Profiles showcases a detailed presentation of key fraud prevention players, their core solutions, technologies, business partners, and other relevant information. Supporting partners This year’s Fraud Prevention on Ecommerce Report was developed with the support of Merchant Risk Council, the leading industry association focused on ecommerce payments and fraud, and Marketplace Risk, the most comprehensive source of education, networking, and information exchange for marketplaces. Our key media partner who will help us promote the report is Merchant Payments Ecosystem (MPE).

Stay in the loop right in time for the holiday season! Download your complimentary copy of The Paypers’ Fraud Prevention in Ecommerce Report 2022-2023 to easily deter fraudsters and scammers who, unlike Grinch, will steal more than just Christmas! .