SAN JOSE, Calif.–(BUSINESS WIRE)–At a time when consumers are scrambling to find baby formula — causing a surge in online sales — a growing number of fraudsters are focused on making an already bad situation even worse, according to Signifyd, a market leader in ecommerce fraud protection.
Since April 1, online sales of formula are up 49% from a year ago. During the first two weeks of May, 10 of the 13 top-selling items in Signifyd’s ecommerce grocery data were infant formula products. Some labels saw massive increases in sales, greater than 1,000% in some cases. Tight supply has also fueled attempts to fraudulently purchase formula, which has been a high-risk item historically.
“Since the beginning of April, we’ve seen more than a 1,500 percent increase in fraud attempts on baby formula transactions, in a marketplace that currently has a very small supply,” said Signifyd Senior Director of Product Marketing & Communications Ashley Kiolbasa. “That means that a lot of consumers are being taken advantage of and we’d like to offer some help.”
Following are three tips that Signifyd urges consumers to follow when shopping online:
- Remember the old adage ‘If it looks too good to be true then it probably is’ — especially when it comes to the availability of baby formula in the market today. Desperate times can lead to desperate measures. Don’t take the bait.
- If unfamiliar with a seller, take the time to research them online along with…
