SAN JOSE, Calif.--(BUSINESS WIRE)--Sep 12, 2024--In a shocking revelation, a new study from Signifyd reveals the dark underbelly of ecommerce, where organized crime has orchestrated a massive assault on online retailers, stealing billions of dollars in merchandise and merchandise revenue.
This new study sheds light on the rapidly evolving threat landscape of ecommerce, where sophisticated global fraud enterprises are bypassing security measures with alarming ease. The relentless pursuit of easy money by these organized crime groups has resulted in exponentially increased attacks on ecommerce platforms, often before unsuspecting brands even realize they have been compromised.
As online shopping continues to soar in popularity, the opportunities for ecommerce brands to succeed and grow have become far more enticing – but also far more precarious. According to the study, this precipitous rise has led cyber thieves and their ever-sophisticated global networks to target unsuspecting ecommerce brands, leveraging social engineering tactics, increasingly advanced technology, and even in-house professional resources to bypass critical security measures.
In this newly exposed multi-billion dollar grey economy – one which operates entirely beneath the radar of everyday retailers – some of the world's most nimble, well-coordinated and resourceful groups trade openly in black market merchandise and stolen funds, capitalizing on the porous borders and regulatory loopholes that online traders trust for safeguarding sensitive financial information.
Of significance is how common the phenomenon has become. According to study projections, retailers will see their merchandise sales funnel an astonishing several Billions into global thief's dens in just the next year alone. In addition, of companies polled, nearly two-thirds (65)% admitted to becoming victims of commercialized transnational cybercrime.
Furthermore, experts within the study emphasize the insidiousness and deepening complexity with which modern cyber thieves engage and leverage an adaptable array of exploits targeting online transactions. However, hope is given as some forward-thinking ecommerce brands and retail leaders already integrate advanced online technologies designed specifically to evade today's advanced and ever-evolving organized crime tactics.