Online scam decreases by 4%

Data presented by BanklessTimes has shown that the percentage of online shopping scam victims losing money is down to 74%, from 78% in 2020, even as there was a surge in client who suffered losses due to online scams at the onset of Covid-19.

“The number of victims is reducing, and the restoration of normalcy after Covid-19 might be a factor.” He went further to hint that retailers might also be heightening their alertness, “Retailers are also cautious, thus making it difficult for fraudsters to pull off their scams,” Banklesstimes.com’s Jonathan Merry revealed in an article.

The article noted that about three-quarters of online traders globally have reported a net increase in fraud attempts since 2019. Then (2019), the industry experienced a wave of security breaches, losing an estimated $20B to fraudulent online payments.

Consequently, it gave rise to the market for detecting and preventing fraud in online commerce. BanklessTimes expects the market to approach $70 billion by 2025.

Maintaining vigilance to curb fraud from far
Due to the presence of online fraudsters, the online retailers’ urge to manage these attacks has never been higher. So far, over 90% of online entities believe that they must work on E-commerce fraud to enjoy success.

Besides, more online firms feel that their skills against assaults on E-commerce have increased over that year. More than a third of them say they could recognize attacks sooner.

Dealers have sought the usage of the card verification number and email verification to detect fraud. Both of these tools have proven essential in this regard.

Scam affects the client’s experience.

If retailers have felt the financial impact of cybercrime, then clients are not far back either. In recent years, the percentage of victims of online sales schemes who lost money has stabilized above the 70% mark.

This scenario might harm retailers’ brands and the faith that clients have in them. In 2021, less than 40% of clients in the US, Germany, the U.K., and France expressed confidence in the capacity of traders to avoid fraud in online commerce. BanklessTimes