eCommerce fraud is any fraud that occurs on an eCommerce platform. Online purchases are daily surging, and fraudsters are moving at the same speed. If fraud occurs in an online shop, it could cause significant damage to the bottom line. Here is why the adoption of a fraud protection solution is crucial.
eCommerce Fraud is any illegal or false transaction made in a webshop. It targets not only credit cards and account details but also phones, tablets and gift cards.
eCommerce fraud happens when a fraudster succeeds in stealing a genuine user’s credit card information and then using them to perform a transaction. There are countless schemes of eCommerce fraud such as account takeover, card testing fraud, chargeback fraud, refund fraud, and interception fraud.
With the rise of new payment methods, eCommerce shops are threatened with new forms of fraud every day. eCommerce fraud often occurs because it is easy for hackers to find the data they need, and there is also a lack of prosecution for this type of crime.
Consequences of eCommerce Fraud can impact a digital business by:
• Money loss
• Revenue and bottom-line impact
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