Merchant losses due to payment fraud are projected to escalate to a staggering $362 billion by 2028, driven by economic volatility fueled by inflation and high interest rates. As fraud continues to evolve and economic stressors impact consumer spending habits, businesses must uplevel their fraud detection to stay competitive.
Key findings from Sift’s latest Digital Trust & Safety Index report show the shifting dynamics of payment fraud across various industries and digital payment types. From the surge in attempted fraud across high-velocity transactions in sectors like iGaming and food delivery, to the vulnerability of digital payment methods such as gift cards and prepaid cards, the threat landscape is adapting at a rapid pace.
Insights into consumer behavior underscore the prevalence of fraud in online shopping experiences, with nearly half of consumers falling victim to fraudulent transactions within the past 18 months. And with the rise of AI-enabled fraud tactics, including deepfakes and generative AI, it’s never been more important for businesses to safeguard their revenue and customer trust.
In our Q1 2024 Digital Trust & Safety Index, Sift Trust and Safety Architects analyze the nuances of payment fraud and empower businesses to navigate the complexities of the digital economy with confidence. Read the full report and explore the infographic below for key findings on the latest in payment fraud.
*On behalf of Sift, Researchscape International polled 1,052 adults (aged 18+) across the United States via online survey in February 2024.