What It Costs Small Businesses And How To Prevent It

25 Apr E-Commerce Fraud: What It Costs Small Businesses And How To Prevent It

This week in cybersecurity from the editors at Cybercrime Magazine

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Sausalito, Calif. – Apr. 25, 2024

E-commerce scams, online retail fraud, cybercrime — whatever you want to call it, if you’re an e-commerce small business owner, this stuff probably keeps you up at night. That’s because if you are a victim of fraud, it will cost you a lot more than just the dollar value of the transaction in question. A study found that each dollar of fraud costs retailers $3.13 in terms of fees, interest, merchandise loss, and other expenses.

And that’s to say nothing about the loss of a customer and the damage to your brand.

If you want to prevent cyberattacks and online fraud, you must understand them first. A guide from The Motley Fool breaks down what e-commerce fraud is, how to spot it, and what to do to prevent it.

E-commerce fraud is any illegal or fake transaction made on a website, typically using forged or stolen billing information. Hackers and cybercriminals have a number of approaches to fraud — some common e-commerce fraud examples include identity theft and stolen ATM and credit cards.

As the popularity of e-commerce has exploded in recent years, so has the prevalence of online fraud. Cybercrime is expected to cost the world $10.5 trillion annually by 2025, according to Cybersecurity Ventures, a cybercrime research firm.

The Motley Fool’s guide covers 6 types of e-commerce fraud: Card cracking; Chargebacks; Account acquisition; Fake refunds; Interception; and Triangulation fraud. The guide also covers 7 steps to protect yourself from e-commerce fraud.

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