A new study from Juniper Research reveals that online fraud losses are projected to surge from $44 billion in 2024 to $107 billion by 2029, marking a 141% increase. The report, titled Global Merchant Fraud Prevention Market 2024-2029, attributes this significant rise to the growing sophistication of attacks driven by advancements in AI technology. One major concern highlighted is the use of deepfakes to bypass verification systems, which the report identifies as a critical threat to the ecommerce landscape.

AI is not only enabling more refined and convincing attacks but is also allowing fraudsters to execute them on a larger scale and at faster speeds. This evolution in attack methods is putting ecommerce merchants at greater risk, especially as fraud prevention systems struggle to keep pace with the emerging tactics used by cybercriminals.

Juniper Research urges ecommerce merchants to adopt AI-powered fraud prevention tools to detect and combat new forms of fraud more effectively. "This will be particularly crucial in developed markets, where larger merchants face heightened risks, such as the testing of stolen credit cards," explained report author Thomas Wilson.