E-commerce Fraud Protection Statistics 2024 - Everything You Need to Know

Are you looking to add E-commerce Fraud Protection to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important E-commerce Fraud Protection statistics of 2024.

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How much of an impact will E-commerce Fraud Protection have on your day-to-day? or the day-to-day of your business? Should you invest in E-commerce Fraud Protection? We will answer all your E-commerce Fraud Protection related questions here.

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On this page, you’ll learn about the following:

Best E-commerce Fraud Protection Statistics

Best E-commerce Fraud Protection Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 213 E-commerce Fraud Protection Statistics on this page 🙂

E-commerce Fraud Protection Benefits Statistics

Government benefits applied for/received 394,34 3.0% Credit card fraud new accounts 365,597 9.7 Miscellaneous identity theft 81,434 .9 Business/personal loan 99,667. ^[0]

E-commerce Fraud Protection Market Statistics

Among the 3.2 million marketplace reports received by the Federal Trade Commission in 2019, fraud made up 53.1% of consumer complaints. ^[1]
China is expected to be the largest ecommerce fraud market in the world, accounting for over 40% of e commerce fraud losses globally by 2025, at over $12 billion. ^[2]
According to a Grand View Research report, the market may grow at a compound annual growth rate of 8.1%, reaching $480.5 billion in value by 2025. ^[3]
However, this market is expected to grow a bit more slowly in coming years, with a CAGR of 5.9%. ^[3]
The watch and jewelry division of French luxury conglomerate LVMH saw a 30% drop in its stock market value , primarily due to a decrease in Chinese demand. ^[3]
Experts say online and digital sales comprise between 5% and 10% of the global jewelry market. ^[3]
The ten biggest jewelry groups capture a mere 12 percent of the worldwide market.”. ^[3]

E-commerce Fraud Protection Latest Statistics

It is estimated that this figure will continue to grow steadily in the coming years, reaching over 69 billion U.S. dollars by 2025. ^[4]
Available to download in PNG, PDF, XLS format 33% off until Jun 30th. ^[4]
For example, 59% are investing in mobile apps, 32% in mobile wallets and 28% are investing in voice. ^[1]
With 59.5% of the world population having access to the internet and with more consumers driven by convenience shopping, it’s not surprising to learn that global retail ecommerce sales are projected to reach $4.9 trillion by 2021. ^[1]
Moreover, an ecommerce fraud increase has been observed by both businesses and consumers, with 20% of fraud victims reporting that the incident took place within the last 12 months. ^[1]
It is projected to cost $40.62 billion in 2027 25% higher than in 2020. ^[1]
Successful monthly fraud attempts increased by 43% to 48% for midto large retailers and 27% for smaller retailers. ^[1]
47% of companies surveyed said they had experienced fraud in the past 2 years. ^[1]
When it comes to fraud, younger people age 2029 years old reported more cases (33%). ^[1]
20% of the victims said that the fraudulent transactions happened in the past 12 months. ^[1]
54% of consumers said they encountered fraudulent or suspicious actions on the Internet. ^[1]
Other forms of contact methods included mobile spam calls (18%), doorto door sales (13%), postal mail (12%), or stores (5%). ^[1]
21% of consumers are afraid their credit card data will be stolen and 19% believe their confidential data may be misused. ^[1]
The US is the most fraud prone country with 34% of consumers saying they were most likely to have been victims of fraud. ^[1]
It is followed by the UK (33%), Canada (29%), Germany (27%), and Austria (21%). ^[1]
Another survey also showed that more US consumers (46%) were hit by fraudulent transactions than consumers in the UK (36%). ^[1]
42% of respondents in the US and UK said they were victims of fraudsters. ^[1]
US retailers experienced a 9% yearover year increase in the average volume of monthly fraud attacks. ^[1]
72% worry about having their personal or financial information stolen, while 67% worry about being a victim of identity theft compared to 20% who worry about getting murdered. ^[1]
In a fraud study, it was discovered that almost half (48%). ^[1]
Considering that at least 30% of items purchased through online stores are returned , it’s not hard to imagine how chargebacks can account for between 40% and 80% of all fraud losses. ^[1]
Identity theft was second with 20.3% , while other cases made up 27.9%. ^[1]
Credit card fraud was the most common type of identity theft (20.33%), followed by imposter scams (20.23%), and telephone and mobile services (5.83%). ^[1]
Friendly fraud chargebacks a type of credit card fraud can account for between 40% and 80% of all fraud losses. ^[1]
40% of customers who file a chargeback will do it again within two months. ^[1]
The top five attacks on ecommerce sites are account takeover (29.8%), bot imposter (24.1%), SQL injection (8.2%), cross site scripting (8.7%), backdoor file (6.4%), other (22.8%). ^[1]
NAF increased by 27.8% worldwide YTD in 2019. ^[1]
US retailers faced a 7.3% yearover year increase in fraud costs. ^[1]
It’s estimated that online fraudsters will take more than $12 billion from businesses in 2021. ^[1]
Among card fraud victims in the US and UK, 66% reported that they had more than $100 charged to their card, while in 20% of cases, it was more than $500. ^[1]
Sadly, only 34% of businesses are investing in fraud prevention and mitigation. ^[1]
58% of midto large retailers selling digital goods say that differentiating synthetic identities is a top verification challenge. ^[1]
42% of businesses say digital fraud slows their innovation and expansion into new digital channels and services, but only 34% of retailers are investing in fraud prevention and mitigation. ^[1]
Among the reported fraud cases, 39% were committed by external perpetrators, 38% by internal perpetrators, and 20% by internal and external perpetrators colluding. ^[1]
Companies that implemented fraud prevention programs were able to reduce their fraud attack response expenses by 42%, their remedy expenses by 17% compared to companies without such programs in place. ^[1]
Confirmit Fraud protection for consumers 87% of consumers admitted they would agree for transactions to take longer to complete if extra steps for authentication meant their information was better protected. ^[1]
In a survey composed of US and UK consumers, 80% said they’d bought something online within the last three months, but 21% said they worried about inputting their card details every time they made a transaction. ^[1]
Another 31% said they worry every time they buy something online. ^[1]
Meanwhile, 59% of respondents said they did not accept fraud as part of the digital economy. ^[1]
Consumers are divided on who to blame for fraud 57% of UK respondents said it was their responsibility not the bank’s to protect themselves against fraud, while 51% of US consumers said the same. ^[1]
52% of survey respondents said they could be better at protecting their card information. ^[1]
On the other hand, 70% said that their banks should be able to more accurately predict fraud. ^[1]
Only 31% agreed that the risk of fraud was a fair trade off for the convenience of new digital methods of payment. ^[1]
54% of all respondents said the risk of fraud made them less likely to try out newer technology like a mobile wallet. ^[1]
Another 77% said they would choose to shop at a merchant that didn’t store their card information. ^[1]
CNP is projected to rise 16.4% in 2021. ^[1]
They faced 70% more fraud attempts per m0nth when lockdowns and stayat home orders were implemented in 2020. ^[1]
Ecommerce sales continued to increase amidst the pandemic in the US (13%), the UK (17%), and Asia Pacific (43%). ^[1]
In the US alone, there has been a 110% yearover year increase in pure ecommerce orders at the beginning of 2020. ^[1]
The average number of successful monthly fraud attempts increased 43% to 48% for midto large retailers and 27% for smaller retailers. ^[1]
attacks had the highest surge (282%), followed by phishing websites (250%), fraud attempt rate (100%), and fraud loss volume (87%). ^[1]
Meanwhile, Google reported a 350% surge in Phishing websites with coronavirus related keywords in March 2020. ^[1]
The increased use of online payments and contactless credit cards also led to more CNP fraud, which is projected to rise by 16.4% in 2021. ^[1]
According to the FTC, Americans have already lost $145 million to fraud related to the coronavirus. ^[1]
Midto large general merchandise retailers had on average 70% more fraud attempts per month compared to surveys prior to shutdowns in March 2020. ^[1]
Fraud transactions by value were 4.4% higher in July 2020. ^[1]
47% Americans Find Identity Theft Worse than Murder, New Report Shows. ^[1]
Security breaches took a heavy toll on the industry, whose losses to online payment fraudwere estimated at 20 billion U.S. dollars that year. ^[5]
According to a 2021 survey, more than nine out of ten companies considered e commerce fraud managementrelevant to their business strategy. ^[5]
victims of online shopping scamswho lost money has not fallen below 70 percent. ^[5]
In 2021, less than 40 percent of consumers in the United States, United Kingdom, Germany, and France expressed trust in merchants’ ability to prevent e. ^[5]
With E commerce sales estimated to reach $630 billion in 2020, an estimated $16 billion will be lost because of fraud. ^[6]
Amazon accounts for almost a third of all E commerce deals in the United States; Amazon’s sales numbers increase by about 15% to 20% each year. ^[6]
From 2018 to 2019, Ecommerce spending increased by 57% — the third time in U.S. history that the money spent shopping online exceeded the amount of money spent in brickand. ^[6]
The studies show that 21% of consumers are afraid their credit card data will be stolen and 19% believe their confidential data may be misused. ^[6]
54% of consumers said they faced fraudulent or suspicious actions on the Internet — more so than through mobile spam calls (18%), doorto door sales (13%), postal mail (12%), or stores (5%). ^[6]
According to chargebacks911, 40% of the people who request chargebacks will eventually do this again and in 2020 chargeback account losses for businesses will exceed $25 billion. ^[6]
If Europe’s GDPR applies to your business, a single data breach can cost you up to 4% of your worldwide turnover. ^[6]
To estimate the risk of fraud, there is an engine consisting of 200+ data variables that can be adapted according to your own preferences. ^[6]
There were a total of 1001 data breach cases in 2020 with over 155 million records exposed according to Statista. ^[6]
According to Tech Republic, the number of account takeover attempts increased by almost 300% in 2020 compared to 2019. ^[6]
Online shopping fraudsgrew at a rate of 30% in 2017– twice as fast as the rate of ecommerce sales. ^[7]
The rate of credit card chargebacks isrising with 20% each year. ^[7]
In 2018, peoplelost $1.4 billionto scams – anincrease of 38%compared to 2017. ^[7]
The statistics indicate that most credit card fraud, 38.6% of reported cases, occurs in the US. ^[7]
– Credit card fraud rose by 18.4% in 2018 and continues to increase. ^[7]
It’s 81% more likely to encounter a cardnotpresent fraud than pointof. ^[7]
In 2017, 40 million US citizens, or 15.9% of study respondents, confirmed they have been victims of fraud. ^[7]
In fact, 2.6% of US citizens, or 6.5 million people, reported buying such products. ^[7]
The statistics show 50% of ecommerce fraud took place in Delaware, New York, and California. ^[7]
In 2017, attacks in Delaware and Oregon increased by 300%, in comparison with the previous year. ^[7]
In fact, compared to 2010, there was an increase of 104% of fraud reports. ^[7]
Out of these 1.4 million reports, 25% involved loss of money. ^[7]
– Customers aged between 20 and 29 lost money in 43% of the reported fraud incidents. ^[7]
– People between 70 and 79 lost money in only 13% of the scams. ^[7]
– A 2019 study revealed women submitted 54.4% of all reports of fraudulent online purchases. ^[7]
The stat is not surprising as 72% of women shop online. ^[7]
– However, men lost more to the scammers – 55.6% of the whole amount. ^[7]
– The second most worrying fraud is phishing – 66% of retailers agree it’s a big issue. ^[7]
In fact, phishing has increased by more than 130% over the past three years. ^[7]
– Account theft comes in at the third place of the worst e commerce scams, with 63% of merchants being concerned about it. ^[7]
The statistics show that 40% of customers who file a chargeback will do it again within 2 months. ^[7]
– Then, 50% of those people will file again within 3 months. ^[7]
More than half, 54.53% of them, get filled within a month. ^[7]
80% of consumers select this route, simply because they don’t want to take the time and get a refund directly from the merchant. ^[7]
– This explains the high percentage of invalid disputes – 78.6% of processing error chargebacks mistakenly went through. ^[7]
– Only 0.46% of fraudulent chargebacks were invalid. ^[7]
In 2017, the western part of the US experienced an increase of 60% in shipping fraud. ^[7]
– 25% of the attacks occurred in New York and California. ^[7]
These two states also made 19.6% of all ecommerce purchases. ^[7]
The North Central region experienced a 50% increase in this type of attack. ^[7]
– 18% of billing fraud cases took place in Delaware, Oregon, Washington D.C., Florida and Georgia. ^[7]
However, only 18% manage to win most of their disputes. ^[7]
– Still, in 2018 the average chargebackto transaction decreased by 13.3%. ^[7]
– For example, 43% of customers expect faster deliveries. ^[7]
It can raise the alarm for fraudto sales ratios between 0.65% and 1.8%. ^[7]
That will be an increase of 223%!. ^[7]
– By 2024, e commerce will be responsible for 17% of all sales. ^[7]
Over half (58%). ^[8]
A little over a third (37%). ^[8]
Among businesses that anticipate inventory problems, 59% said sourcing enough inventory from suppliers is a top concern. ^[8]
51% said delays in deliveries to brickand mortar locations is a top concern. ^[8]
49% said delays in directto consumer deliveries are a top concern. ^[8]
45% said moving inventory from warehouse to store is a top concern. ^[8]
Finally, 44% said keeping websites in sync with inventory management systems is a top concern. ^[8]
29% said their organizations have dealt with bot attacks or inventory manipulation. ^[8]
Among them, 54% said they experienced spambot attacks. ^[8]
52% said they experienced hacker bot attacks. ^[8]
46% said they experienced social media bot attacks, and 32% said they experienced spider bot attacks. ^[8]
More than half (53%). ^[8]
30% of consumers said they would avoid shopping in stores as much as possible in the 2020 holiday season. ^[8]
41% said they would continue to make most purchases online after 2020. ^[8]
But BOPIS fraud trends saw a 7% fraud attempt rate, compared to an average 4.6% attempt rate in other channels according to data from ACI Worldwide. ^[8]
At the time, 42% of consumers said that longer shipping times make them furious when shopping online. ^[8]
At the time of the holiday survey, 40% of businesses had noticed an increase in chargebacks. ^[8]
58% of businesses surveyed said their chargeback rate had increased since March 2020. ^[8]
Among respondents in the 2020 holiday survey, 51% said they expected to experience an increase in chargebacks in that year’s holiday season. ^[8]
Unfortunately, 42% of businesses said they allow customers to abuse promotions. ^[8]
39% said they’re comfortable returning something they’ve worn or used, even if it wasn’t defective. ^[8]
36% of consumers said they typically return five or more items for refunds after the holidays. ^[8]
60% of consumers are most concerned about the credibility of an online retailer and how data breaches jeopardize their personal information when shopping online. ^[8]
And when it comes to how negative experiences affect shoppers, 25% of consumers said they wouldn’t return to a website if it turned away their legitimate transaction. ^[8]
52% of consumers said high shipping costs would likely give them a reason to abandon their online shopping carts. ^[8]
Similarly, 40% of consumers said they would abandon their online shopping carts if they experienced long shipping or delivery times. ^[8]
27% said they’d abandon their online carts if they experienced complicated ordering and checkout processes or if they had to enter their information too many times. ^[8]
46% of consumers cited longer shipping times as their most prominent online shopping issue. ^[8]
42% cited stores or websites not having items in stock. ^[8]
32% cited being unable to find the items they want online. ^[8]
At least 20% cited more difficulty with customer service requests as their most prominent online shopping issue. ^[8]
In fact, BOPIS purchases increased 554% between May 2019 and May 2020, according to data from KIBO Commerce. ^[8]
The Federal Trade Commission received more than 2.1 million fraud reports from consumers in 2020, according to newly released data, with imposter scams remaining the most common type of fraud reported to the agency. ^[9]
Just over a third of all consumers who filed a fraud report with the FTC 34 percent reported losing money, up from just 23 percent in 2019. ^[9]
This loss would represent an 18% increase, compared to $17.5 billion recorded last year. ^[2]
Internet traffic surged about 60% and, as a result, money spent by online shoppers nearly doubled. ^[2]
The average value of attempted fraudulent purchases increased 69% yearover year, according to a report from the digital fraud prevention company, Sift. ^[2]
The median loss for such fraud attempts was $311 per person, according to the FTC. ^[2]
The pandemic drove online giving up by 20.7%, providing cover to fraudsters who hide behind traffic and transaction surges, knowing that many merchants won’t be equipped to handle scaling demand and rising fraud simultaneously. ^[2]
According to the Aite Novarica Group, 47 percent of Americans experienced financial identity theft in 2020. ^[0]
The Stark Reality , found that losses from identity theft cases cost $502.5 billion in 2019 and increased 42 percent to $712.4 billion in 2020. ^[0]
There were 4.8 million complaints received by the FTC in , up 45 percent from 3.3 million in 2019, mostly due to the 113 percent increase in identity theft complaints. ^[0]
Identity theft complaints accounted for 29 percent of all complaints received by the FTC, up from 20 percent in 2019. ^[0]
According to Equifax, federal stimulus payments were an easy target for criminals and were the number one COVID. ^[0]
New credit card accounts fraud was the next largest identity theft scam, accounting for about 30 percent of all identity theft complaints. ^[0]
Of the 2.2 million fraud cases, 34 percent reported money was lost. ^[0]
Twenty two percent of imposter scam complaints reported money lost, totaling about $1.2 billion. ^[0]
Percentages are based on the total number of Consumer Sentinel Network reports by calendar year. ^[0]
Type of identity theft Number of reports Percent of total top five. ^[0]
In 2020, 15 percent of identity theft reports included more than one type of identity theft. ^[0]
Nationwide Mutual Group $33,005 13.9% 2 State Farm. ^[0]
The Identity Theft Research Center , in its annual data breach report , announced that in 2021 there were a record 1,862 data compromises in the U.S., a 68 percent increase over 2020 and 23 percent over the previous all time high of 1,506. ^[0]
According to the report, 294 million people had their data compromised in 2021 compared to 310 million in 2020. ^[0]
The insurance industry was the most frequent target of ransomware attacks in the first half of 2021, accounting for almost 25 percent of all ransomware attacks on Accenture’s clients. ^[0]
The percentage of companies where ransomware was a factor in the breach was 7.8 percent. ^[0]
In 2020 the IC3 received and processed 791,790 complaints, a 69 percent increase from 467,361 in 2019. ^[0]
Losses to individuals and businesses totaled $4.2 billion, up 20 percent from 2019. ^[0]
Chubb Ltd. $404,44 4.7%. ^[0]
So far behind in fact that the projection is for CNP fraud grow 14% between now and 2024 — a statistic that highlights the urgency for merchants to do more as the target on their back grows larger. ^[10]
Research from EKN estimates that online merchants can spend as much as 23% of their operational budget on fraud and chargeback management. ^[10]
But despite that, just 14% of eComemrce manual order reviews were outsourced to a third party vendor expert in 2018 — an indication that far too many merchants ignore the top chargeback protection solutions available and continue to go it alone. ^[10]
60% of executives believe that mobile payments will fuel future growth — yet more than 50% of consumers believe it is a less secure method than cash. ^[10]
In 2018, 16.6% of all retail sales in China were eCommerce sales – nearly double the rate in the United States (8.9%). ^[10]
In addition, 67% of Chinese consumers say they prefer to use mobile payments when on vacation outside of China. ^[10]
And that’s despite the fact that fraudsters hit 60% of Chinese consumers with some kind of security threat when using mobile payments. ^[10]
In addition, the countries with the largest year over year growth in eCommerce purchases are Russia (42%), Indonesia (45%), Vietnam (37%), and Israel (25%). ^[10]
Global ecommerce sales rose 49% in 2020 over 2019, according to Signifyd’s Ecommerce Pulse data. ^[11]
In February, sales were still tracking 31% above their year. ^[11]
Merchants that have integrated Signifyd’s Commerce Protection Platform into their order flow have seen revenue increases that average from 4% to 6%. ^[11]
When Signifyd asked consumers how many bad experiences they’d accept from an online retailer before walking away for good, nearly 53% said no more than one. ^[11]
In fact, of those consumers who have filed a chargeback after ordering online, more than 29% of them — a plurality — told Signifyd they did so because the product arrived later than promised. ^[11]
Online business owners tend to lose 1,3% of their earnings to fraud. ^[12]
25% of online orders are manually examined by e commerce business owners, allowing overlooked faked orders, belonging to fraudulent activity. ^[12]
20% of all online orders are rejected by online stores in Latin America, negatively impacting their brand reputation BlogTambién te puede interesar. ^[12]
a 2018 report by jewelry brand Pandora , fine jewelry represents 85% of the jewelry industry. ^[3]
Fashion search platform Lyst reports the percentage of women who buy women’s jewelry increased by 14% between 2016 and 2017. ^[3]
That year, Lyst said, women made 78% of the platform’s jewelry purchases. ^[3]
And fine jewelry brand Merjuri told Glamour magazine , “75% of purchases [at Mejuri] are made by women, for themselves and each other.’. ^[3]
51% of respondents said they had purchased jewelry for themselves. ^[3]
These regions are expected to experience considerable growth, expanding at a CAGR of 8.0% from 2019 to 2025. ^[3]
According to some reports , jewelry sales plummeted as much as 82% during the beginning stages of the crisis. ^[3]
The Richemont Group reported selling 18% less this year. ^[3]
Writing in late March, Bain & Company analysts predicted global luxury sales, in general, will decline between 25% and 30% in 2020 as a result of COVID. ^[3]
Between 2017 and 2018, online jewelry sales increased by more than 14%. ^[3]
According to the latest data , ecommerce fraud will cost merchants $6.4 billion by 2021. ^[3]
A fraudster will likely have an easier time reselling a $5,000 diamond ring than a $30,000 one. ^[3]
Signifyd helps merchants approve 5‑7% more orders on average. ^[13]
Signifyd’s 100% financial guarantee against fraud and abuse gives you the confidence to automate payments. ^[13]
With 98% of online purchases made by consumers previously seen across the Signifyd Commerce Network, legitimate customers are instantly recognized and accelerated down their path to purchase. ^[13]
Signifyd’s instant recognition of legitimate customers allows Hot Topic to approve more good orders and automate fulfillment for their best customers – backed by a 100% financial guarantee. ^[13]
With E commerce sales estimated to reach $630 billion in 2020, an estimated $16 billion will be lost because of fraud. ^[14]
Amazon accounts for almost a third of all E commerce deals in the United States; Amazon’s sales numbers increase by about 15% to 20% each year. ^[14]
From 2018 to 2019, Ecommerce spending increased by 57% — the third time in U.S. history that the money spent shopping online exceeded the amount of money spent in brickand. ^[14]
The studies show that 21% of consumers are afraid their credit card data will be stolen and 19% believe their confidential data may be misused. ^[14]
54% of consumers said they faced fraudulent or suspicious actions on the Internet — more so than through mobile spam calls (18%), doorto door sales (13%), postal mail (12%), or stores (5%). ^[14]
To estimate the risk of fraud, there is an engine consisting of 200+ data variables that can be adapted according to your own preferences. ^[14]
Our promise Every approved transaction is covered by Vesta’s 100% fraud chargeback guarantee. ^[15]

I know you want to use E-commerce Fraud Protection Software, thus we made this list of best E-commerce Fraud Protection Software. We also wrote about how to learn E-commerce Fraud Protection Software and how to install E-commerce Fraud Protection Software. Recently we wrote how to uninstall E-commerce Fraud Protection Software for newbie users. Don’t forgot to check latest E-commerce Fraud Protection statistics of 2024.

Reference

iii – https://www.iii.org/fact-statistic/facts-statistics-identity-theft-and-cybercrime.
financesonline – https://financesonline.com/ecommerce-fraud-statistics/.
paymentsdive – https://www.paymentsdive.com/news/e-commerce-fraud-to-hit-20-billion-2021-an-18-jump-from-prior-year/599312/.
clear – https://blog.clear.sale/jewelry-e-commerce-statistics-and-insights.
statista – https://www.statista.com/statistics/1273278/market-size-e-commerce-fraud-detection-prevention-market/.
statista – https://www.statista.com/topics/9240/e-commerce-fraud/.
spd – https://spd.group/machine-learning/e-commerce-fraud-detection/.
review42 – https://review42.com/resources/ecommerce-fraud-statistics/.
kount – https://kount.com/blog/new-research-reveals-the-ecommerce-keys-to-holiday-survival/.
ftc – https://www.ftc.gov/news-events/news/press-releases/2021/02/new-data-shows-ftc-received-22-million-fraud-reports-consumers-2020.
merchantfraudjournal – https://www.merchantfraudjournal.com/ecommerce-fraud-trends-2019/.
nosto – https://www.nosto.com/ecommerce-statistics/fraud/.
critical – https://www.critical.net/en/.
signifyd – https://www.signifyd.com/.
datasciencecentral – https://www.datasciencecentral.com/the-in-depth-2020-guide-to-e-commerce-fraud-detection/.
vesta – https://www.vesta.io/blog/ecommerce-fraud-trends.

How Useful is E Commerce Fraud Protection

E-commerce fraud is a growing concern for both businesses and consumers alike. In an age where cybercrime is becoming increasingly sophisticated, it is more important than ever for online retailers to invest in robust fraud protection measures. But just how useful are these measures in safeguarding against fraudulent activities?

One of the most common forms of e-commerce fraud is identity theft, where hackers steal personal information such as credit card details and use them to make unauthorized purchases. To combat this, e-commerce merchants have implemented various security measures such as encryption, two-factor authentication, and fraud detection software. These tools are designed to identify suspicious activities and prevent fraudulent transactions from going through.

While these measures are certainly useful in deterring some forms of fraud, they are by no means foolproof. Sophisticated hackers are constantly finding new ways to breach security systems and steal sensitive information. Moreover, the sheer volume of online transactions processed every day makes it challenging for fraud protection systems to keep up.

In addition to external threats, businesses also face the risk of insider fraud. This occurs when employees abuse their access to sensitive data for personal gain. No amount of external fraud protection measures can prevent this kind of fraud, making it even more difficult for businesses to safeguard against all forms of fraudulent activities.

Despite these challenges, it is clear that e-commerce fraud protection measures play a crucial role in combating fraud. Without these tools in place, businesses would be more susceptible to financial losses, damaged reputation, and loss of customer trust. It is essential for online retailers to continuously invest in the latest fraud protection technologies and stay informed about emerging threats in order to stay one step ahead of cybercriminals.

Ultimately, e-commerce fraud protection is a necessary investment for any business operating in the digital realm. While it may not guarantee complete immunity from fraudulent activities, it is a valuable line of defense in the ongoing battle against cybercrime. By leveraging the right combination of security tools and best practices, businesses can minimize the risk of falling victim to fraud and safeguard their reputation in the eyes of their customers.

In conclusion, e-commerce fraud protection is a critical component of any online business strategy. While it may not be a perfect solution, it is an essential tool in the fight against fraud in the digital age. By remaining vigilant and proactive in the face of evolving threats, businesses can protect themselves and their customers from falling prey to cybercriminals.

In Conclusion

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We tried our best to provide all the E-commerce Fraud Protection statistics on this page. Please comment below and share your opinion if we missed any E-commerce Fraud Protection statistics.

E-commerce Fraud Protection Statistics 2024 – Everything You Need to Know