As with any other business in the world that continues to rely on technology to operate and evolve, the threat of experiencing cybercrimes is higher than ever.
With the levels of cyber threats constantly growing for businesses all across the United States, it’s clear that using the web and IT systems to work is no longer as secure as it used to be. Currently, thousands of businesses see constant risks of losing tens of thousands to millions of dollars and invaluable public trust in the blink of an eye, showing just how dangerous the dark side of the web is.
From malware to DDoS attacks, the list of problems that you need to worry about as you protect your technologically-driven business is indeed vast. As the list of different issues and problems you need to watch out for to ensure that everything goes according to plan grows, there’s one key problem that is undoubtedly the most pressing today: eCommerce fraud.
A growing problem
Today, to say that eCommerce fraud is an immense problem among businesses would be a complete understatement.
According to a year-over-year study from LexisNexis Risk Solutions, the risks of experiencing the online issue are almost at a 30-percent rise—a horrifying number that shouldn’t be taken lightly. As if the 30 percent increase in cases wasn’t enough of a motivation to be more cautious, the fact that the figure itself is almost twice the growth of eCommerce sales (based on data from Digital Commerce 360).
Common forms of eCommerce fraud worth watching out for
Minimising the risks of experiencing eCommerce fraud for your business is a process that boils down to knowing what can put you at risk and avoiding or circumventing the risk of experiencing them at all costs. To help ensure that you’re more mindful of your efforts towards maintaining a problem-free management experience, here are the common fraud scams to watch out for:
As one of the most common catalysts of eCommerce fraud, identity theft is a problem that continues to affect thousands to millions of businesses each day—and it’s exactly what it sounds like.
Identity theft is a type of cybercrime that encompasses different activities related to the compromise of anyone’s online persona, sensitive information, and other defining details. Typically, such cases occur whenever anyone’s personal or financial information is grabbed by a criminal and uses the details to assume the owner’s identity and commit fraud, which is a common sight for eCommerce sites.
Compared to other types of online fraud, this issue manifests in a multitude of forms, such as:
- Using social media accounts to make devious posts or upload phishing links
- Purchasing items using a victim’s credit card or identity
- Faking mortgages by using the details of a victim (or conversely applying for and receiving leases)
- Messaging the family or loved ones of a victim and pretending to be them so that they can gather a larger pool of potential victims
Commonly associated with most financial blunders that are seen on the news, phishing is a type of eCommerce fraud that you want to avoid because of its severe consequences.
Phishing is a type of cyber threat that is so unique because it is wholly rooted in human error or negligence. This is why this scam is carried out through points of contact that more or less end up in the control of humans. Typically, the scam is carried out through the use of emails, social media accounts, or dubious links—all of which can spread like wildfire and affect thousands of unsuspecting businesses and their customers!
As you continue to run your business and help it quickly and easily adapt to the world of modern technology, it’s essential that you are mindful of the persistent risks of experiencing eCommerce fraud. By keeping all the key points mentioned above in mind, you’ll be able to ensure that your business is equipped with the baseline knowledge it needs to keep things as safe as possible at all times!
FraudWatch International is one of the top-tier brand protection company that serve businesses, entities, and causes both big and small with protection from online threats. Get in touch with us today to learn more about our social media brand protection, phishing prevention, and other available services today!