Recent Rise In Ecommerce Fraud
Whilst scam calls and texts are not a new phenomenon, what has been is the massive sudden increase in individuals and indeed companies being targeted the past year and a half. The aims of the bad actors and the harm acted out upon innocent victims bring into play almost every single one of Dante’s named circles of hell in one fell swoop.
Millions of people have been forced into switching from brick-and-mortar shops to online and so many are totally new to this online game. Both perfect factors for bad actors looking for some easy fraud action.
The COVID-19-led explosion in online sales has resulted in huge growth of the eCommerce market, both in terms of revenue and the number of users. The revenue of the European eCommerce market alone is expected to hit US $465 billion this year – 30% more than before the pandemic struck. And by 2025, Europe’s eCommerce segment is forecast to reach almost US $570 billion in 2025 (source: Internet Retailing). Big business.
But without the wisdom of experience and throwing a lack of confidence into the mix (heightened further by the fear created by the pandemic and responses to it), you have a recipe for millions of confused people. Faced with unfamiliar threats, consumers are more vulnerable than ever and enterprises too are at ever increasing risk.
How Authentication Can Reduce Fraud
Cybercriminals are targeting organisations they consider to be not as well defended in hopes of securing larger ransomware payments. Most highly prized are sensitive customer and employee records containing personally identifiable information such as medical files, credit card numbers, social security numbers and the trusty driving licence numbers. According to the Identity Theft Resource Center (ITRC), professional services and manufacturing and utilities have seen the most significant rise in data compromises. These can catastrophically damage their brand image as well as the bottom line. So what can be done to strangle the creativity and ingenuity of bad actors, preventing actual fraud from being the result?
Well, educating consumers and other stakeholders is definitely a start but only gets you so far: to have any real chance of reining in and squashing the spectre of data breaches and related fraud, stakeholders from across the ecosystem must work together in a concerted, cohesive manner. To have any chance of staying one step ahead of the dynamic threat vectors at play, mindsets need to be changed, with systems and processes being made available that even the smallest of organisations can get their heads around.
And that’s exactly what we offer here at TMT Analysis.
Authenticate Your Customers Today
Our Verify range of products offers a low friction route to protect yourself from the ever-increasing dangers of fraudulent transactions and account takeover. Using data from live network queries and direct from the Mobile Network Operators, Verify Protect provides you with critical intelligence around a mobile number, allowing you to match those all-important real-world attributes, such as a name, to a supplied mobile phone number.
Talk to us today about how TMT Analysis can help protect your business.