Abstract: The good news is e-commerce market size continues to grow, while the bad news is that so does e-commerce fraud. Online retailers should know what they face and how to handle it, especially during the coming holiday season.
As online and mobile sales grow, experts forecasted that more than 17% of B2C sales worldwide will occur online by 2022, citing data from 451 Research. The expansion of the e-commerce industry attracts retailers and even more fraudsters.
Given that circumstance, responsible enterprises should be aware of what kind of threat they are facing. If you happen to be an online retailer or business owner, you would want to know the solutions to prevent online fraud, especially during the holiday season.
1. E-commerce Growth Attracts Fraudsters
According to the Census Bureau of the U.S. Department of Commerce, the revenue of online retail sales in the U.S. hit $211.5 billion in the second quarter of 2020. One of the reasons might be the ongoing pandemic that keeps people at home in many areas, and no one knows when it will end.
(Photo: Global retail e-commerce market size 2014-2023 | Statista)
People are forced to purchase online, and stores have no choice but to move online to survive the pandemic. Bang! A double-edged sword comes out, and it can cut both ways. It removes restrictions on where and when to shop for consumers and eliminates stores’ physical door locks, exposing sellers to a risky cyber…