The continual growth of technology in the past decade has resulted in the rise of e-commerce as a leading trading platform worldwide. The industry is expected to be valued at more than $5 billion by the end of this year and is expected to further progress in the succeeding years. This will lead to the e-commerce sector increasing its share in the global retail market to almost 25% by 2025.
This monumental rise of e-commerce companies is highly attributed to the widespread use of smartphones in the past decade. Mobile phones have made transactions more accessible for the greater mass, allowing them to purchase products with just a few clicks on their phones. However, the development in the industry got the attention of many cybercriminals, making the deployment of reliable e-commerce fraud prevention solutions a must.
Fraudsters can innovate their techniques to keep up with the trends in online security in various industries. Because of this, data breach and identity theft cases have constantly increased over the years. This led to notable financial and reputational damage for e-commerce enterprises and their customers.
Despite the fraud prevention efforts by different organizations, bad actors can find ways to get through the strict security of their targets. An example of a technique they use is network spoofing, where they install fake access points and will make it look like a reliable internet or Wi-Fi connection. This is usually done in public places where users that do not have data would be forced to find unprotected Wi-Fi connections.
Another overall strategy used by criminals is phishing, and it comes in various forms. The main goal of this type of attack is to make the victims believe that there are action items needed to be done in their accounts. Text messages or emails typically come with a link that, when clicked, will ask the individual to put in their credentials, such as username, passwords, and credit card information. Once they do, the data will be stored in the private server of the fraudsters, allowing them to use it later on.