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Online Marketplaces Attract Consumers – And Fraudsters, Too

Online Marketplaces Attract Consumers – And Fraudsters, Too

Payments made through the platform economy, through the online marketplaces that bring together individual buyers and seller – sometimes far-flung – happen in an instant. So does fraud. The latest edition of the Payments and the Platform Economy Playbook shows what’s at stake as P2P gains traction. The sites must balance friction, authentication and security activities, as well as consumer satisfaction, all at the same time. No easy task, but technology can help.

Data:

$71B: Amount consumers lost to fraudsters across online platforms in 2018.

$517B: Total amount consumers spent on online purchases in 2018.

$450B: Cumulative amount lost to fraudsters on eCommerce marketplaces through the past two years.

10,450: Number of online purchase scams reported to the BBB in 2018.

10%: Portion of attempted logins on travel sites that come back as fraudulent.

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