Fresh Perspectives on Global Stories

5 e-Commerce Fraud Prevention Trends to Monitor in 2021

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The truth of this quote is that it is very important to make the experience of each customer as realistic as can be expected, especially in terms of the security of their accounts and the money spent online. When considering how to reduce fraud, a bank owner, retailer, or other E-commerce member should take care to create a risk management framework. It involves considering the risk of the channel (e.g., mobile, internet, employees / disconnection, and network) and developing a collection strategy according to risk assessment as a measurement or quality process. Risk can be present at all channels, so it is important to create a controlled environment with clearly defined layers that follow the exchange cycle and prove its resistance to fraudulent attempts by fraudsters to find weak areas and attack them.

According to Sift’s COVID-19 and E-Commerce Fraud Tracker instances of fraud has risen at the beginning of the epidemic and continues to do so at undeniable levels, particularly in the financial, tourism and event industries. In 2019 alone, before the outbreak, fraud cost the global economy £ 3.89 trillion while in the UK, estimated at £ 130 billion each year. Fraudsters also point to cell phone payments, which may be due to changes in the way people pay while leaving and dividing the community, therefore, sellers should be aware that fraud can occur anywhere and anywhere and should make it a need for protection. Forter’s report, mentioned earlier, also found that Buy Online, Pick-up In-Store (BOPIS) fraud increased by 55%, financial services received another 65% fraud and increased copyright control, with fraudsters using Stolen PII (Personal Data) for direct attacks, by 123%.

Scammers use criminal emails to steal sensitive information. Estimates from Barracuda show that criminal information theft schemes sent 600 percent over a four-week period between the end of February and the latest week of March 2020. Hypocrisy attacks accounted for 34 percent of those emails.

One of ways to make transactions more secure is to implement digital transaction management at your company. It’s a great solution that will also allow businesses to adopt paperless processes, and speed up document signing and exchange.

  1. Books and exchanges are kept every day

Strict advice is to check your customers and search for suspicious items in their shopping behavior. Plan to manage your customers’ accounts and transactions if you know something unusual that may arise, for example, improper charging or delivery details or user geo location. This type of test can be achieved with specialized tools for tracking IP addresses.

  1. Information Security Budget Review

It could be an important step towards E-commerce security and fraud prevention that we should take to analyze the budget you may have in protecting data. Violations of information can easily damage your organization’s reputation and cause you to lose customers. In the event that the European GDPR operates in your business, a single violation could cost you up to 4% of your global profit. In line with these lines, it makes sense to anticipate a negative event and have a well-thought-out and effective feedback system. Investing in this arrangement makes sense because you will really need to limit violations and make quick and important decisions about this event. Think about how and being at risk of external attacks, people in your relationships can be the cause of data breaches.

  1. Valid card verification required (CVV).

All credit cards currently have a three- or four-digit security number marked on the flipside. Pci’s advice is not to keep a CVV with various user credit card details (e.g. card number and owner name). Fraudsters can’t get this code unless they have a card, so it makes sense not to keep it.

  1. Passwords must be strong.

Some hacking projects, for example, those that work on the “brute force” principle can be used to test all combinations of secret phrases. Obviously, a four-digit password with no special characters or symbols (called alpha-numeric) will be easier to pass. The best advice for passwords today is to use alpha secret code with eight digits or more, including any event with a capital letter and one special character (e.g.,!, #, _). This may worry your customer, but it will make the data more secure.

  1. Increase customer account protection

ATO fraud, or the ‘weapon of choice,’ increased by 282% between 2019 and 2020. Another prediction for 2021 is that hackers will use automated methods, for example, to build script and certified facilities to deliver attacks and make ATO stunts easier in the future. Results? We will probably see a lot of data breach, but we should also ask ourselves the same: does this mean that eventually the business will stop relying on usernames and passwords? What can be said about accepting a secret phrase for free, biometric login, and persistent confirmation of winning an ATO? The inclusion of BOT during the creation of an online account can easily identify the person who is not associating or repairing the online account.