According to this, multi-factor authentication (MFA) market is expected to register USD 10.75 billion by 2020.

"According to data, two-factor authentication model covers almost 90% of the market for multi-factor authentication, wherein banking and finance, travel and immigration, commercial security are the major applications."

"The report describes the various types of biometric and non-biometric technologies such as hardware and software tokens, OTP (One Time Password), and biometric recognition that are being used for different applications. The above-mentioned techniques can be combined to form two, three, four, and five-factor authentication models. Out of these models, two-factor authentication is commonly used in most of the applications. Two-factor authentication is the oldest type of MFA technique and can be seen at banks, ATMs, and at various government offices."

"The same source mentions that three, four, and five-factor authentication models are less used when compared to two-factor authentication. The three-factor authentication methods include smart card with PIN and biometric technology, smart card with two biometric technologies, PIN with two biometric technologies and three biometric authentications. On the other hand, four- and five-factor authentication includes the use of smart card and PIN with more than one type of biometric technology such as face recognition, fingerprint recognition, voice recognition, and so on. Three-factor authentication is mostly used in private access areas like bank lockers, secret data access, defense, travel and immigration. The use of four- and five-factor authentication models is restricted to high cost projects in defense, research, and government-based applications."

"Multi-factor authentication implies user and employee authentication by verifying two or more authentication techniques (Hardware token, One Time Password, Password/PIN and Biometric traits) provided by him/her. MFA has become the most important part of security due to increase in unauthorized access, frauds, border intrusion, and so on. MFA is increasingly getting deployed at all the security checkpoints in airports, commercial complex, retail malls, banking and finance, and so on. MFA provides accurate authentication and negligible margin of duplicity or error."

Recent data breaches suffered by US-based retailers have had a major impact on the operations of financial institutions.

"According to data 44% of customer accounts have been compromised. The same source points out that while the headlines continue to highlight data breaches, which involve compromised payment, banking and personal data, financial institutions must stay vigilant in combating fraud loss and maintaining customer goodwill."

"Over 15% of respondents declared that recent breaches put increased pressure on fraud operations. Another 12% indicated that they suffered a negative impact on their brand, while 22% said they felt no direct impact from breaches."

"More than 75% of respondents said they are looking at additional resources to combat fraud in their organizations. Of those, 50% stated they are looking to invest in fraud detection technology, more than 15% are investing in more training for their fraud management teams and 10% are beefing up staff with new personnel."

"The survey also reveals that when it comes to EMV technology and standards, many in the US are re-evaluating their strategies after these recent events. Regions including Canada and UK attribute decreased card fraud to the more secure chip & PIN methods employed as part of their EMV strategies, which were rolled out years ago. More than 40% of respondents indicated they are more aggressively looking at their EVM plans. Another 30% are still exploring options required to meet the 2015 liability shift, and just under 10% indicated they are already EMV compliant."

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According to this, we should pay more attention to digital currencies.

"Yves Mersch, Member of the Executive Board of the European Central Bank (ECB), has reported that digital currencies should not be ignored despite their relatively small impact on the economy."

"Yves Mersch admits that although virtual currencies do not have an impact on the general economy, they have the potential to do so in the future. He concludes that crypto-currencies cannot affect price stability or financial stability in Europe, but they may pose risks for users. User risk, he highlights, is more related to speculative investments and consumer protection, and not necessarily to payments."

According to this alternative payments methods are becoming more popular in online travel payments.

"When dealing with online payment for travel and lodging, credit and debit cards are the dominant payment methods, but the use of alternative payment methods such as e-wallets, online banking, mobile payments and Bitcoin-based crypto-currencies is expanding, according to the “Global Online Travel Payment Snapshot 2014” report."

"In terms of current trends in the online travel industry, prepayment or immediate payment takes place at the same time with the hotel booking, and this is being adopted by various industry-based merchants such as Hotels.com. Still, prepayment and reservation done with card for later payment at desk are used by merchants like Booking.com and Express.com."

"Speaking of airline companies, alternative payment methods have been adopted rapidly. For example, budget airline firm Ryanair accepts direct debits on its Germany-based online platform. Brazil-based online travel booking firm Hotelurbano accepts Boleto Bancario, the local banking payment method. Japanese air company All Nippon Airways accepts cash payment at convenience stores. United Airlines and Delta Air Lines, US-based air companies, accept the delayed payment method Bill Me Later which is brand of PayPal designed for US citizens."

"Moreover, one third of the airlines already plan to enable the use of mobile payments for booking purposes in the next two years and PayPal is already accepted by an increasing number of travel booking websites."

"Online payment fraud is among the top concerns of online travel agencies and booking websites, although only nearly 1% of online travel payments is fraudulent (quite a significant percentage, given the size of the market)."

Crossborder-ecommerce.com published an article about fighting cross-border fraud.

"Several factors make fraud prevention more difficult for cross-border merchants. To keep fraudsters at bay and maximise sales opportunities, it is important to understand these challenges and take the necessary steps to protect your business."

 _{Source http://www.crossborder-ecommerce.com/fighting-cross-border-fraud-differences-difficulties-and-defence/}

"Fraud patterns and behaviour can vary significantly across geographies, creating added risk for cross-border merchants who don’t always have an up-to-date view of customer behaviour profiles and fraud trends. At home, you are aware of the fraudulent delivery hotspots, the latest scams and how fraud gangs are operating – elsewhere, this information can be hard to obtain. Within your domestic market, you have colleagues, business associates and partners who are willing to share fraud intelligence with you. These networks can be more difficult to build in other countries, limiting the information available to develop and support effective fraud prevention strategies."

"The professional expertise available to you in other countries may also be very different from that which you can access domestically. Safeguards are reduced in countries where security protocols such as CV2 and 3D Secure are not fully or even partially implemented. Third party verification services on which you rely for your domestic market may be weak or non-existent elsewhere, making it much harder to identify genuine customers and exclude fraudsters. Inevitably, it is in countries where these checks are weakest that the fraudster will focus his efforts."

"It is also important to note that countries’ fraud profiles change over time. While some countries remain consistently at the top of the list for payment fraud, others may come and go. In the last couple of years, analysts at ReD have seen an increase in fraud in some Western European countries that have suffered particularly badly from the economic downturn and a rise in unemployment levels. You can’t simply assume that a country with low levels of payment fraud will remain in that state forever."

"Merchants expanding internationally can take steps to mitigate the risks, not least by adopting a careful, step-by-step approach to expansion. You can take advantage of the fact that delivery times are extended to carry out additional fraud prevention checks, and perhaps limit the range of goods initially offered, to exclude high risk items. You can tailor fraud rules for each country, to ensure that your business is protected against the most prevalent types of fraud."

"It also makes sense to access global fraud intelligence, to benefit from the experiences of others and from up-to-the-minute insight into developing fraud attacks around the world. This intelligence can be a very powerful ally in the fight against fraud."