Ecommerce Fraud Report: It is pretty easier to tell that over the years and the since the last one to two decades, internet retail has changed the structure of the consumer demands and fulfilments. This can be stated with confidence since Amazon has become one of the largest companies across the globe and has lately reached a market capitalization of a trillion dollar. With this sort of advancement where one can easily grab a couple of the products in the click of a button, the cybercriminals have evolved conducting technology-rich in eCommerce fraud. Though fraud generally means loss of finance, but it actually causes a lot of damage to the retailers.
According to the “Retail and Ecommerce Threat Landscape Report” released by IntSights and Riskified, the latter has found out that in 2018, the merchants of the eCommerce websites have to pay around $42 billion as chargeback which is obviously a huge number. Retailers often possess certain tools to prevent ecommerce fraud, but with the declined purchases resulting due to these tools will cause an astonishing amount of $165 billion. This implies that for every $1 spent for the prevention of the fraud, the retailer will have to lose out on a potential purchase amounting to $4.
The report that has been published is a comprehensive one deliberately focussing on the various types of cyber attacks that exist and reasons why the criminals might be utilizing one method or the other. The report also stated how cyber fraud is a complete worth against the risk or the reward ratio for many cybercriminals since the IP addresses can be hidden. There are so many cyberattacks that take place on a daily basis making it quite difficult for the law enforcement agencies to keep up with them and take rigid steps accordingly.