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Protect Your Online Store with These Tips!
If you’re running an online store, there’s a good chance you have been targeted by fraudsters.
Ecommerce fraud is growing, and it’s getting harder to stay abreast with hackers’ new methods to dupe the system. In 2022, ecommerce owners lost almost $41 billion to fraud, and it’s not just a North American problem.
Online merchants from Latin America lost about 3% of total revenue to ecommerce fraud alone, followed closely by merchants from the Asia-Pacific region.
In this article, we’ll go over the types of ecommerce fraud, how they’re carried out, preventive measures, and tools you can use to protect your online business.
What Is Ecommerce Fraud?
Ecommerce fraud is the illegal interception of online payments or the abuse of the systems that run online storefronts, leading to financial and reputational loss for victims.
The global ecommerce market was worth $16.6 trillion in 2022, and it’s expected to grow at 27.43% in the next five years—meaning criminals will have more opportunities to attack than ever before.
– Source: IMARC Group
Most of the attacks are payment related, while some are focused on phishing and identity theft. Another is chargeback fraud, also known as friendly fraud. Whatever the method is, the consequences are always devastating for small businesses.
Why Prevent Ecommerce Fraud?
Preventing ecommerce fraud is essential for both online merchants and consumers. Fraudulent transactions can cause financial losses, harm personal information security, and damage trust in online shopping.
Here are several reasons for preventing ecommerce fraud:
Protecting the business’s financial health by reducing the risk of chargebacks, refunds, and financial losses due to fraudulent transactions.
Safeguarding customers’ personal information, such as their credit card numbers, addresses, and contact details, from falling into the wrong hands.
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