This Business News Story Was Uncovered By Us From: https://blog.eonetwork.org/2021/01/how-e-commerce-entrepreneurs-can-fight-fraudulent-actors/
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Contributed by Matt Shealy, president of ChamberofCommerce.com.
In 2019, the United States’ Federal Trade Commission (FTC) received more than 650,000 reports of identity fraud. Of these, 45 percent stemmed from credit card fraud: Scammers opening up accounts or taking over accounts to make fraudulent purchases online.
These are just the cases that were reported to the FTC. More than 14 million people in the US are victims of identity fraud each year. As we know, however, they aren’t the only victims. Merchants doing business online are losing billions each year to e-commerce fraud.
These stolen identities are used to open up new credit accounts in the victim’s name or to take over their accounts and buy goods from e-commerce sites. When customers dispute the charges, it’s the merchants that get left holding the proverbial bag. Often, merchants lose out on the cost of the item and the money from the sale. They may also get hit with additional fees from credit card issuers.
Online fraud affecting e-commerce retailers
Other methods scammers use to defraud e-commerce merchants are varied and often sophisticated. They include:
• Friendly fraud: This is one of the most common—and fastest-growing—types of fraud. This happens when a customer buys online and then disputes the charges with their financial institution or credit card issuer. They do this often without contacting the merchant or attempting to return items. They keep the item and demand a refund from their card iss… Read More
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