With Black Friday and Cyber Monday quickly approaching, retailers are gearing up, stocking inventory, hiring seasonal staff and even upping their cybersecurity. In this day and age, shoppers must be extremely careful when making purchases online, as bots are more sophisticated and damaging than ever before.
In its latest report on the topic, user-generated content firm Bazaaarvoice found nearly all consumers responding to its survey (97%) lose trust in a brand based on fake reviews, while 81% said they wouldn’t use a brand again after a loss of trust, and 75% said a fake review makes them distrust other products on the same site.
Account takeover or ATO attacks increased 39% on marketplaces in the first half of 2022 compared to last year, a new report states, with overall ATO attacks across sectors up 131%. ATO was up 71% in fintech, 34% in on-demand services and 9% in digital goods/services. The survey was done by Researchscape International on behalf of Sift.
Retailers should consider the impact their social strategy elements have on customer trust. This includes your choice of social platforms, the payment methods you accept, how you screen orders for fraud and how you safeguard your brand presence on social media. Identify the platforms your customers trust the most.
As with any period of economic uncertainty, fraudsters find opportunities to exploit security blind spots, often driving fraud rates up across industries. In this free Multichannel Merchant webinar, joined by Sift, learn how to build business resilience and repeatable fraud management strategies as the threat level rises in a challenging time.
An Amazon shareholder is suing founder and executive chairman Jeff Bezos, along with current CEO Andy Jassy, CFO Brian Olsavsky, other executives and the entire board of directors, claiming misuse of customer data could lead to widespread mistrust and wreck the company.
About 6,000 customer records from Home Depot, acquired by a hacker in 2020, are being offered for free on the dark web, according to the company, while a firm that tracks such activity claimed a substantially higher figure. The information included addresses, phone numbers, delivery records, brands purchased and orders.
More than 350 ecommerce sites running Magento 1 were hit with the same strain of MageCart malware the week of Jan. 31, a card skimming attack that exploited a known leak in the Quickview plugin, according to a report from security provider Sansec.
To help you address the growing ecommerce fraud threat, join Multichannel Merchant and Sift on Feb. 17 at 2 PM ET for a live webinar, “The Dark Web, Account Takeovers and You.” You’ll hear how leading retail and ecommerce companies are gaining competitive advantages by proactively preventing payment fraud, ATO and content abuse.
Ecommerce has become an ingrained part of our lives, as most find it an effortless, convenient alternative to retail shopping, especially considering the times. Unfortunately, bad actors always find ways to mess with the system and conduct all manner of fraud. With that in view, here are 4 proven ways to mitigate ecommerce fraud.