Driven by mobile and social media shopping, online fraud in the UK is projected to grow 18 percent from GBP 165.2 million in 2011 to GBP 195.3 million in 2015, a recent survey by the Centre for Economic and Business Research (Cebr) on behalf of UK online payment services provider PayPoint.net has revealed.The growth of mobile and social media commerce is expected to drive total online sales of GBP 33.7 billion by 2015, recording an annual growth of 4.5 percent.
The number of internet users purchasing products via their mobile phones will rise by 5 million, reaching 10.5 million by 2015, while social media will see 2.9 million new users.
Increased fraud risks occur because users provide less information when making a purchase and they unfamiliar with the process. Mobile browsers and apps are expected to be the biggest contributor to the fraud losses, costing GBP 24 million by 2015.
Since its peak in 2008, the overall economic impact of e-commerce fraud has declined, falling by 16 percent in 2009 and a further 4 percent in 2010 as businesses have implemented safer payment mechanisms and fraud screening detection tools.
Keywords: http://www.paypoint.net/media-centre/online-payment-press/new-payments-report/
