This report provides a detailed working process for selecting the LTP9 companies based on the analysis of 60+ companies. Several months of secondary research, interviews and experience/knowledge of experts went into completing this report.
Insights from the report:
The estimated quantum of third party fraud in 2013 was 34.1 Billion, with a value of US $6.7 Billion.
Drivers for enhanced fraud & security systems:
Increase in CNP payments and growing e-commerce: The total value of general-purpose card-not-present payments (including general-purpose credit, debit and prepaid) has been rising at an annual growth rate of 16%. With the global e-commerce market forecast to grow over 17% a year, representing a total value of almost $2.4 Trillion by 2017, fraud prevention is becoming a big issue in the industry.
Consistent data breaches: In 2012, 621 confirmed data breaches were reported in the United States, resulting in the theft of over 44 million sensitive consumer records—including millions of debit and credit card account numbers. In January 2014 alone, a single cyber-attack exposed more than 105 million identities.
Huge losses against fraud: U.S. fraud losses (credit, debit, and prepaid cards) have been growing at a CAGR of 6.5%. In January 2014 alone, a single cyber-attack exposed more than 105 million identities.
Revenue leakage: The lost revenue due to online fraud was an estimated $3.4 Billion* in 2011 increasing to $3.5 Billion in 2012. This study was based on profiling 312 online retail companies based in the United States and Canada. Globally, according to a study by Nielson, the loss due to online fraud was estimated at $11.27 billion in 2012.
Revenue Realization: In a recent survey by TechRepublic, 79% customers said they would like to shop more online if provided with simpler and secure payment options.