The Growing Fraud Problem Plaguing Ecommerce

Faith Ocampo Published on March 28, 2017 Last updated on June 3, 2022

As digital scam artists keep honing their craft to outsmart ecommerce brands, how do you make sure your fraud prevention techniques are robust enough?

When brands began moving their stores to the digital space, everybody expected swindlers to follow. Unsurprisingly, they’ve modernized their thieving tactics to adapt to the changing business landscape. And yet, even though we’re aware of this alarming threat, it seems that most companies are having a hard time with risk management, particularly with online fraud protection.

cybercriminal in hoodie hacking ecommerce website

This escalated even further when shoppers started to shift to EMV (Europay, Mastercard, and Visa) cards. EMV, a commonly used variant of payment card, was designed to offer greater counterfeit security during in-store transactions.

There’s a problem, though: because of tighter in-store payment security, more fraudsters moved their illicit activities online.

According to a report by Bolster, an online fraud prevention platform, the total number of phishing and counterfeit pages increased by 0.55 times from 2020 to 2021. In addition, the average number of phishing and counterfeit pages detected daily increased by 52.63% from the same time period.

Meanwhile, a separate analysis by Atlas VPN found that consumers in the US lost a record $3.56 billion to online fraud in the first half of 2022, an increase of almost 50% from the same period in 2021. More than 27% of the near 800,000 fraud complaints indicated a financial loss.

What Makes Fraud Management Difficult?

padlock surrounded by keys on motherboard

It’s clear that ecommerce fraud is a growing concern, and the fact that many companies are at a loss on fraud prevention is making this problem even worse. This predicament stems largely out of a massive knowledge gap.

Entrepreneurs who aren’t fully knowledgeable about fraud, its different forms, and how it happens will fail to come up with strategies to fight cybercrimes.

Fraud detection is yet another obstacle, and this is made even more challenging by multichannel shopping. Mobile devices especially became a breeding ground for mobile fraudulent schemes that are hard to detect, monitor, and track.

Outsourcing Fraud Support

To deal with this, risk management service providers work closely with payment systems to support online brands. Most of them use artificial intelligence tools to detect fraud. They work mainly by crawling through credit card numbers being used in a payment system and analyzing whether these numbers are linked to other transactions made within a short time span. In that case, there’s a great likelihood that all those are fraudulent transactions.

Some outsourcing companies also offer content-focused fraud protection services. They can provide you with a team of experts who will monitor all the user-generated content being posted on your website. This helps you manage spammy posts or infected links that aim to victimize buyers. Having such a mechanism in place lets you keep your website free of harmful content, allowing you to protect your customers.

Armed with a secure data security ecosystem, Open Access BPO complies with several data protection standards to protect the sensitive information of our partners and their customers.

Contact us today for your customer support, content moderation, back office, and knowledge process support needs.

 

Read More

Faith is a digital media enthusiast aiming to become an active part of the tech world by sharing her insights. She likes to blog about everything digimarketing, technology, and social media.
Join us on facebook
Open Access BPO Yesterday
The 𝗣𝗵𝗶𝗹𝗶𝗽𝗽𝗶𝗻𝗲𝘀 is a top #outsourcing destination. The country's capital, Manila, where Makati is located, houses most of the country's top 1,000 companies.
𝗢𝗽𝗲𝗻 𝗔𝗰𝗰𝗲𝘀𝘀 𝗕𝗣𝗢's flagship center in Makati leverage world-class infrastructures and the nation's most expansive talent pool.

Our facilities in the Makati Central Business District offer scalable multilingual solutions for global businesses.

𝗗𝗿𝗶𝘃𝗲 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗲𝘅𝗰𝗲𝗹𝗹𝗲𝗻𝗰𝗲 𝘄𝗶𝘁𝗵 𝘀𝗽𝗲𝗰𝗶𝗮𝗹𝗶𝘇𝗲𝗱 𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀 𝗶𝗻 𝗼𝘃𝗲𝗿 𝟯𝟬 𝗹𝗮𝗻𝗴𝘂𝗮𝗴𝗲𝘀: https://buff.ly/4e7eRln

----------
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝗢𝗽𝗲𝗻 𝗔𝗰𝗰𝗲𝘀𝘀 𝗕𝗣𝗢
• Our Solutions: https://buff.ly/4f22Mip
• Our Other Locations: https://buff.ly/4e68ej1

#WeSpeakYourLanguage
Open Access BPO Yesterday
𝗢𝗽𝗲𝗻 𝗔𝗰𝗰𝗲𝘀𝘀 𝗕𝗣𝗢 𝗼𝗳𝗳𝗶𝗰𝗶𝗮𝗹𝗹𝘆 𝗸𝗶𝗰𝗸𝗲𝗱 𝗼𝗳𝗳 𝗶𝘁𝘀 𝘁𝗵𝗿𝗲𝗲-𝗺𝗼𝗻𝘁𝗵 𝘄𝗲𝗶𝗴𝗵𝘁 𝗹𝗼𝘀𝘀 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲 𝘄𝗶𝘁𝗵 𝗮 𝗵𝗲𝗮𝗹𝘁𝗵 𝗮𝗻𝗱 𝘄𝗲𝗹𝗹𝗻𝗲𝘀𝘀 𝗽𝗿𝗼𝗴𝗿𝗮𝗺 𝗵𝗲𝗹𝗱 𝗼𝗻 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟯𝟬, 𝟮𝟬𝟮𝟰.

Drop It Like It's Hot: The OABPO Weight Loss Challenge began with an early morning wellness session hosted by the outsourcing company's Clinic Services with guest speaker, fitness coach JR Madriaga. Both the morning and evening sessions were streamed online for those who could not be physically present.

After discussing the rules of the challenge and weigh-in schedules, Coach JR talked about some of the most effective methods of losing weight. He highlighted the healthiest ways for the participants to get their weight loss journey started.

A high-energy Zumba session soon followed the discussion. It not only served as a fun way to start the challenge but also emphasized the importance of incorporating physical activity into daily routines.

More than 80 employees from both Open Access BPO Makati and Davao signed up for the three-month weight loss challenge. The grand prize, originally P25,000, has since been doubled to P50,000, with the winner to be announced in next year's Kick Off Party.
Open Access BPO Yesterday
Did you know that it's possible for you to connect with your Chinese #ecommerce customers even though you don't speak their language?

#CallCenter outsourcing can greatly help in atracting and supporting customers from this gigantic Asian market.
Here's how partnering with an #outsourcing #CustomerExperience procall center can establish these connections: https://buff.ly/3C8HG3G

----------
Whether it's Mandarin, Cantonese, or Hokkien, Open Access BPO's multilingual services are your best bet for an improved market presence in China: https://buff.ly/48uCcfp

#WeSpeakYourLanguage
#CustomerSupport #MultilingualCallCenter
Open Access BPO Yesterday
𝐁𝐫𝐞𝐚𝐤𝐢𝐧𝐠 𝐛𝐚𝐝 𝐧𝐞𝐰𝐬 𝐢𝐬 𝐧𝐞𝐯𝐞𝐫 𝐞𝐚𝐬𝐲, 𝐛𝐮𝐭 𝐢𝐭'𝐬 𝐚 𝐜𝐫𝐮𝐜𝐢𝐚𝐥 𝐬𝐤𝐢𝐥𝐥 𝐟𝐨𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐭𝐨 𝐦𝐚𝐬𝐭𝐞𝐫.

Our blog post provides you expert tips and strategies to help you handle these situations with empathy and professionalism.
Discover effective strategies and best practices to ensure your communication remains clear, respectful, and compassionate: https://buff.ly/4eaaJkD

----------
Deliver exceptional #CustomerExperience with our services to ensure #CustomerRetention and foster brand loyalty: https://buff.ly/4f3L4vd

#WeSpeakYourLanguage
#CustomerSupport #CX #CSat
#outsourcing #CustomerSatisfaction
Open Access BPO 2 days ago
Our dedicated Xiamen and Taipei teams always go #AboveAndBeyond for our customers. To show our appreciation for their hard work, we spent during #CSWeek treating them to some fun and games at the office.

They even took part in the special video challenge to share how they show their dedication in customer service. And of course, they had a special dinner last Friday to close the festivities.

#WeSpeakYourLanguage
#CustomerServiceWeek #CSWeek
#OABPOCSWeek2024 #AboveAndBeyond
#CustomerServiceWeek2024
Open Access BPO 3 days ago
𝐄𝐥𝐞𝐯𝐚𝐭𝐞 #𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫𝐒𝐚𝐭𝐢𝐬𝐟𝐚𝐜𝐭𝐢𝐨𝐧 𝐛𝐲 𝐡𝐚𝐯𝐢𝐧𝐠 𝐡𝐢𝐠𝐡-𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐢𝐧𝐠 #𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐚𝐠𝐞𝐧𝐭𝐬 𝐢𝐧 𝐲𝐨𝐮𝐫 𝐭𝐞𝐚𝐦.

Learn about the crucial skills, traits, and mindset of these #CustomerService experts, key for exceptional #CX and sustained positive brand reputation.

Here are the types of high-performing customer support agents: https://buff.ly/40pii3K

----------
Outsource with us today and get a team of dedicated experts for your business needs: https://buff.ly/3C0mNHH

#WeSpeakYourLanguage
#CallCenters #CX #oustourcing