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Online payment fraud still a significant thorn for online marketplaces: research

Sep 23, 2021

Online marketplaces are currently battling fraud on multiple fronts

online payment fraud

Online payment fraud still a significant thorn for online marketplaces: research. Source: pexels.com

Ravelin has found that online payment fraud is still the number-one fraud concern for digital marketplace organisations, with over 3/4 of firms ranking it as one of their most significant threats.

Online payment fraud is a particular concern for marketplaces that connect buyers with third-party sellers of goods and services. For instance, 81% of goods and services marketplace organisations say that online payment fraud is one of their biggest threats, compared with 78% for taxi app companies and 68% for online food delivery companies.

Account takeover, where fraudsters obtain a customer’s account login details and use them for illegal activity, is another significant threat facing these companies. In fact, 79% of taxi app firms, 74% of food delivery services and 69% of goods and services marketplaces all say that account takeover is one of their biggest fraud threats.

For online food delivery companies in particular, account takeover is a significant problem. Account takeover appears in the top three list of fraud threats for 74% of online food delivery companies, which is higher than the proportion of companies in the same sector (68%) listing online payment fraud as one of their top three threats.

By their very nature, online marketplace organisations make themselves a hot target for fraudsters — both on the buyer side and on the supplier side. Managing and mitigating all these risks can therefore be a tall order, especially as these organisations tend to process tens of thousands of low-value, in-the-moment payments every day. And while using fraud detection technology is clearly the right way to mitigate threats, I can’t overstate the vital role that humans must play in fraud detection as well. The most effective fraud detection ecosystems comprise a combination of data and human insight and oversight because technology is only as good as the instructions it is given
Martin Sweeney, CEO, Ravelin

We’ve reported that over 3/4 of cashless transactions in DACH region are now contactless.

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