It is hard to underestimate the role of E-commerce during a world where most communications happen on the online and our virtual environment is filled with advertisements with attractive products and services to shop for . Meanwhile, it’s obvious that a lot of criminals try to require advantage of it, using scams and malware to compromise users.
Fraud Detection in E-commerce and Statistics
The level of E-commerce fraud is high, consistent with the statistics. With E-commerce sales estimated to succeed in $630 billion (or more) in 2020, an estimated $16 billion are going to be lost due to fraud. Amazon accounts for nearly a 3rd of all E-commerce deals within the United States; Amazon sales numbers increase by about 15% to twenty annually . From 2018 to 2019, E-commerce spending increased by 57% the third time in U.S. history that the cash spent shopping online exceeded the quantity of cash spent in brick-and-mortar stores.
E-commerce Fraud Trends
Fraud has never been a replacement thing, although the trend for E-commerce fraud rises because the number of cash-free transactions increase. it’s especially obvious now, when the planet is moving faraway from in-store purchases. thanks to the COVID-19 quarantine, people need to make more purchases online to remain safe or because the products they have are unavailable in closed local shops.
E-commerce Fraud Protection As the trend for E-commerce fraud rises and E-commerce fraud scenarios and malware become more subtle and harder to detect, E-commerce fraud protection has never been so important. to form sure that their business is protected, every merchant and bank should concentrate to the newest trends in fraud detection like modern E-commerce fraud software on AI (AI), learn the simplest fraud prevention practices, and remember of common sorts of online fraud.
Infographic created by First Data, a credit card processing company