This increase is driven by the rise in e-commerce transactions and the increasing sophistication of fraud methods used by fraudsters. These losses are projected to continue to grow, with a compound annual growth rate (CAGR) of 40% from 2023 to 2028.

The regions most affected by these frauds are Asia-Pacific, followed by North America and Europe. Asia-Pacific is anticipated to lead in online payment fraud losses by 2025, due to the expansion of e-commerce in this area and the emergence of new threats in emerging markets.

This outlook underscores the need for more robust security measures and greater investment in financial crime prevention worldwide.

Among the most common scams are imposter scams, which have generated losses of US$2.7 billion so far this year. These scams often involve individuals posing as representatives of banking institutions, government, troubled family members, well-known businesses, or technical support experts. Other major scams include investment-related frauds, online shopping problems, and prize, sweepstakes, and lottery scams.

By the end of 2024, trends are expected to continue with sophisticated scams such as phishing, fake websites, romance scams and online shopping scams. It is crucial that consumers remain vigilant and take precautions when interacting on the web to avoid falling victim to these fraudulent activities.

Translated by: A.M