Fraudulent internet shopping transactions are a widespread occurrence all over the world. A global survey reveals that internet shopping scam victims are losing money faster than in the past. Indeed, the number of clients who suffered losses after being deceived by online scammers grew at the onset of Covid-19. However, as per a Banklesstimes.com analysis, the percentage of online shopping scam victims losing money is down to 74%, from 78% in 2020.
Commenting on the data, this is what Banklesstimes.com’s Jonathan Merry said: “The number of victims is reducing. The restoration of normalcy after Covid-19 might be a factor.” He went further to hint that retailers might also be heightening their alertness. “Retailers are also cautious, thus making it difficult for fraudsters to pull off their scams.”
The emergence of E-commerce has increased the possibility of fraudulent activity. A surge in online transactions occurred due to the COVID-19 crisis. The pandemic presented con artists with a brand new opportunity to scam users. About three-quarters of online traders globally have reported a net increase in fraud attempts since 2019.
Then (2019), the industry experienced a wave of security breaches. It lost an estimated 20 billion U.S. dollars that year due to fraudulent online payment systems activity. Consequently, it gave rise to the market for detecting and preventing fraud in online commerce. BanklessTimes expects that market to approach $70 billion by 2025.
