by | 15 Sep 2015

eCommerce: Arm your business to stop online fraud

According to the data, annual fraud costs reached $32 billion in 2014. Imagine if eCommerce fraud jumps 20% and cost by79% this year, it would be dramatic. Unfortunately, that is the case and the worst is yet to come for eCommerce shops and SMB sites. Discover in this article the truth on this statistic and how you can handle it with one simple and proved solution.

eCommerce fraud jumps 20% in 2015 Q2

According to the latest ThreatMetrix Cybercrime Report, fraud attacks on eCommerce sites rose 20% in 2015 Q2 to reach 36 million. The company looked at aggregated data from the more than 3 billion transactions that ran over its network. This report highlights how cybercrime and fraud attacks continue to plague financial institutions, payment processors and online retailers across all transaction types.

With fraudsters becoming better funded and more sophisticated, businesses must adopt and deploy smarter technologies to combat them. Otherwise, they run the risk of losing the war against fraud and, more important, their customers’ trust and loyalty.

79% jump in average cost of fraud

According to the BDO (accountancy and business advisory firm), there has been a 79% increase in the average cost per fraud in the first 6 months of 2015.

This analysis shows a rebound in reported fraud, indicating that people are still not being vigilant enough and need to think about how their business is susceptible and risky to fraud.

Small businesses and eCommerce sites need to pay closer attention, not only on sale and purchase transactions but on their existing and new suppliers and new customers. This is not only about preventing future losses but also thinking about the long-term damage that can be done to a business in terms of its ability to get new suppliers and customers as well as their confidence reputation. Learn more on the clear connection between consumers’ perceptions of security practices and commercial success with this article: Enhance your consumer confidence with HTTPS.

Fraud detection solution designed for eCommerce and SMB sites

When combating online fraud, speed and agility are essential. The ability of most organizations to respond to fraudulent activity was limited by the lack of technical skills and costly solutions. Now, cloud-based solutions have emerged  to comply with eCommerce sites and SMB needs.

OZON is a cloud platform that integrate several innovative security technologies working in synergy. OZON detects vulnerabilities and malwares, protects against cyber-attacks and identifies fraudulent transactions. All these functions are performed in real time.

With this cloud-based solution, combining machine learning and big data, each customer has the benefit of an equivalent anti-fraud team, plus automation, full availability, device geolocation and device identity check. This technology is able to identify new fraud techniques in real time with a success rate of about 80%. Try it for free and adopt it!