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eCommerce Fraud Profits from the Pandemic

eCommerce Fraud Profits from the Pandemic

One section of the economy which has witnessed unwanted growth in recent months is the fraud economy.

eCommerce Fraud Profits from the PandemicWith so much online action since the beginning of the year as a consequence of worldwide national lockdowns, customers have been forced to shop in online-only spaces, making more people more vulnerable to exposure to some of the world’s grimmest and ghastliest groups of individuals, fraudsters.

According to a recent study, there has been a 109% growth in online fraud from January to May. It also highlights how fraudsters use user content to exploit customers on ecommerce websites as well as in online consumer communities.

Fraudsters are using a combination of tactics that include spamming potential victims, spreading misinformation, and creating fake reviews. Yet the most common tactic used is straight-up scamming, which makes up almost 47% of cases.

Taken as a section of the economy, revenue from global cybercrime exceeds an eye-watering $1 trillion each year. And parallel to the accelerating growth of ecommerce is investment in targeted attacks both on the web or mobile.

eCommerce Fraud Profits from the PandemicThe undesired growth presents a challenge for those who provide ecommerce services, as well as customers of these services too. More specifically, for ecommerce providers the attack is aimed at cloud storage; for customers it is their online shopping habits.

So what is there to do about it? If you host your ecommerce website on a cloud-based platform, such as Salesforce Commerce Cloud, then it’s going to come equipped with key functionalities built to enforce security and combat fraud.

Salesforce Commerce Cloud is defended by a host of out-of-the-box features that provides the arms for safety and security. For example, when you enter the platform, your details are protected by encryption and server authentication. And so within your company, data is secure and only available to users who are registered.

In addition, Salesforce Commerce Cloud is loaded with cartridges that are purpose-built to enforce security and block fraud tactics. And each one puts focus on different aspects, so that you can customize your online security.

As a retailer or brand, being the victim of fraud is unfortunately a double edged sword, because not only does it cost you lost income but also brand reputation and customer loyalty too.

So why not recheck your safety and security measures? 

PS: UV is one of the world’s leading Salesforce Commerce Cloud (Demandware) development & strategy teams. Contact us to see how we can work together.

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