According to an analysis by Banklesstimes, the emergence of ecommerce has increased the possibility of fraudulent activities. A surge in online transactions occurred due to the Covid-19 crisis. The pandemic presented con artists with a brand new opportunity to scam users.
“The number of victims is reducing. The restoration of normalcy after Covid-19 might be a factor,” Jonathan Merry from Banklesstimes, said in a statement.
“Retailers are also cautious, thus making it difficult for fraudsters to pull off their scams,” Merry added.
In 2021, online retailers worldwide experienced a variety of fraud schemes. But the “friendly fraud” scheme was by far the most prevalent. Clients were buying goods online and then filing claims with their banks, claiming the sales did not occur. They did this to get their money back fraudulently.
Countries in Latin America and Asia-Pacific had the highest fraudulently accepted online orders. These targeted unknowing online retailers.
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Due to the presence of online fraudsters, the online retailers’ urge to manage these attacks has never been higher. So far, more than nine out of 10 entities believe that they must work on E-commerce fraud to enjoy success.
About three-quarters of online traders globally have reported a net increase in fraud attempts since 2019, the report said.
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