We have seen that people are starting to shop online rather than from retail stores. And this is becoming even more frequent since the coronavirus pandemic has come into existence since people are told not to go out of their houses for shopping. However, we know that there is a problem with shopping online which related to scams and frauds. Now, it is not possible that everyone can be made aware of how to shop online while some don’t need to be taught as they think they know everything.
But the fact is that a majority of the people are not aware of how to shop online safely and they fall for some traps which could wipe out money from their bank accounts. A new report now reveals that according to an estimate, $25 billion losses could be had by e-commerce in the next four years. This is because more and more people are estimated to come online and shop for items that they traditionally do offline. The problem, however, is that they are not used to shopping online and that could lead to them being scammed which could also mean that they never return to buying online ever again.
According to this research, “eCommerce merchants outside Europe must adopt similar measures to SCA, including two-factor authentication, or they will suffer from increasing levels of sophisticated fraud. Payment gateways will be vital to ensure that these security requirements are implemented at scale”.
The research also adds that “eCommerce merchants must take on a more educational role for their users. This role will primarily be education about cybersecurity practices, common fraud methods and changes to the checkout process to improve fraud mitigation. This will be essential in China, which will account for 42% of all eCommerce payment fraud in 2024”. Also, it is said that “The explosion of eCommerce means that fraudsters have evolved their tactics, and so merchants must also evolve”.
