Blurred background image

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.

Related Ideas

If you got value from this article, you may enjoy these other articles, as well. We’re always adding value!

Digital Revenue Spikes 20% While Customers Stay Home
  • ArganoUV
  • Commerce
  • Salesforce Commerce Cloud

Digital Revenue Spikes 20% While Customers Stay Home

Digital revenue spikes 20% as customers stay home. These “shelter-in-place” splurges are aided by deeper discounts...
This Week in eCommerce Data: July 23rd, 2021
  • ArganoUV
  • Commerce
  • This Week in eCommerce Data

This Week in eCommerce Data: July 23rd, 2021

This week’s ecommerce round up focuses on consumer data and consumer attitude, plus more.
This Week in eCommerce Data: February 5th, 2021
  • ArganoUV
  • Commerce
  • This Week in eCommerce Data

This Week in eCommerce Data: February 5th, 2021

This week’s ecommerce round up focuses on facial recognition payment methods, growth of social commerce, plus...

Latest ideas

Our latest thinking about SF Commerce Cloud.

Core eCommerce Competencies
  • ArganoUV
  • Commerce

Core eCommerce Competencies

Core payment competencies in ecommerce.
The Benefits of eCommerce for Independent Pharmacies
  • ArganoUV
  • Pharma

The Benefits of eCommerce for Independent Pharmacies

Why go online if you’re an independent pharmacy?
Key Features for All eCommerce Pharmacies
  • ArganoUV
  • Pharma

Key Features for All eCommerce Pharmacies

What are the key features of a pharmacy digital store?

How can we achieve
awesomeness together?