Due to the coronavirus pandemic, e-commerce has become one of the most popular ways to shop. Experts predict online sales will top an unprecedented $630 billion this year. Another report shows online thieves will steal 1.9% of that, or more than $12 billion. The online shopping – and fraud – trends have been fueled by the pandemic, which forced many stores to shut down with more people isolating at home and shopping online. As e-commerce sales skyrocket, more cybercriminals are trying to steal a piece of the pie. That means any business getting into or expanding e-commerce must also deal with increased threats.
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Online retail is more vulnerable to theft than brick-and-mortar businesses. E-commerce retailers are attacked an average 206,000 times a month, according to the online security company Signal Sciences. While most breaches are prevented, about 27% are successful. The damages add up quickly. The Merchant Risk Council says online payment fraud costs businesses 1.8% of revenue. For every dollar of fraud from chargebacks, e-commerce businesses lose an extra $2.94 for processing fees, investigations, legal fees, and security software. Fraud also impacts customers who often blame the seller for problems. The good news is that you can follow five best practices to secure your business and bottom line.
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