According to analysts, the global damage from fraud in real-time payment systems could reach $6.1 billion by 2028.
Globally, financial scam in mobile apps is expected to reach $7.6 billion by 2028, up from $4.38 billion in 2023. This forecast is outlined in an analytical report prepared by ACI Worldwide and GlobalData.
The damage from real-time payment fraud in 2023 was reported to be $2.78 billion. Over the next five years, this figure is expected to rise to $6.1 billion, accounting for about 80% of the total financial fraud in mobile applications.
Analysts highlight the most common areas of fraud, including purchases, investments, and advance payments, with each of these three categories accounting for 18% of the total fraudulent activities conducted through mobile apps. Other notable types include:
- impersonation scams (15%);
- invoice scams (11%);
- authority scams (9%);
- romance scams (7%).
As one method of fraud prevention, analysts recommend that financial institutions adopt AI technologies. These tools enable real-time transaction data analysis alongside other financial organizations to detect suspicious behavior. Additionally, AI tools can assess risks based on current data.
It’s worth noting that, according to analysts at Gen Digital, the number of cyberattacks increased by 46% in 2024 compared to the previous year. Cybersecurity systems block over a billion threats every month, with fraud and malicious advertising making up over 93% of all attacks carried out via mobile devices.
