Dubai, UAE, July 18, 2024: TPAY, the leading payments provider in the Middle East, Africa, and Turkey (META), has published a comprehensive white paper analyzing the dangers, obstacles, and hazards posed by fraudsters in mobile payments. The paper also outlines effective methods to mitigate these risks. Combating fraud is crucial for business success, as it enables safe digital monetization and fosters a sustainable mobile ecosystem.
According to Juniper Research, the foremost experts in payment markets, merchants lost approximately 38 billion USD to online fraud in 2023 alone. This figure is projected to rise to 91 billion USD by 2028.
The most common types of online payment fraud affecting merchants in 2024 will include account takeover, friendly fraud/chargeback abuse, identity theft, and e-gift card fraud, among others.
Merchants, payment solution providers, and financial institutions must deploy effective fraud prevention technologies to tackle various types of fraud, comply with international regulations, and ensure a smooth user experience. However, the effectiveness of these technologies depends on the quality and completeness of the data used.
These are just a few of the many topics and points covered in our white paper, which you can download for free: Keeping Fraud Away from Mobile Payments