With more first-time customers amid surging online sales during the COVID-19 pandemic, fighting ecommerce fraud is harder than ever.
30% of traffic to ecommerce sites during the COVID-19 period is from first-time visitors, compared with 5-7% of first-time visitor traffic before the pandemic. Without the prior customer history, it’s harder for merchants to determine if the new shopper is legitimate or a criminal.
Plus, with increasing consumer data breaches, more consumer account information is available to criminals, causing account take-over fraud to rise. In the first six months of 2020, criminals made 1.18% of fraudulent log-in attacks with the correct log-in credentials.
And the impact of not having the right fraud tools in place can be devastating. In this report, both Brooks Running and ChristmasCentral.com share how they each lost thousands of dollars in merchandise to fraud schemes.
The November Strategy Insights report details more than a dozen strategies to fight fraud during the coronavirus pandemic, including how to prevent fraud on digital gift card sales. Plus, what all online retailers need to know about Magecart. The report includes the following features:
- “12 strategies for preventing fraud during the COVID-driven ecommerce boom” breaks down a dozen tips online retailers can implement to safeguard their sites.
- “Magecart: What it is and what you can do about it” provides a timeline of the more prominent Magecart attacks and details about why any online retailer on any ecommerce platform can be a Magecart target.
- The infographic “Successful ecommerce fraud attacks are on the rise” provides a data-focused look at the recent increase in online fraud attacks.
- “What retailers need to know about gift card fraud” provides an in-depth look at why digital gift cards are so attractive to criminals and how online retailers can block fraudulent sales of these products.
Compliments of: Sift, NoFraud
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