Ecommerce Brands Lose Billions in Ruthless Global Fraud War: Will Anyone Be Left Standing?

SAN JOSE, Calif. - Sep 12, 2024 - The latest findings from a study conducted by Signifyd reveal that organized crime is taking a massive toll on ecommerce brands worldwide. As reported in the study, global ecommerce fraud enterprises have escalated their attacks on businesses, stealing billions from their online sales.

Signifyd, a leading ecommerce protection platform, shed light on the concerning trend in the latest study, which analyzed the behavior of online merchants, customers, and fraudsters. According to the study's findings, ecommerce brands are facing off against sophisticated global fraud networks that have now taken their operations online.

The impact of these organized crime groups on ecommerce businesses has been staggering, with billions of dollars in losses reported worldwide. Consumers are not immune to the effects of online crime either, as the increased costs of combatting these malicious networks could eventually be passed down to them.

Organized online crime networks have proven highly adaptable in recent years. Their relentless campaigns target businesses with varied strategies ranging from transaction hijacking and false promise attacks to phishing scams and digital persona cloning. Moreover, e-commerce platforms, accounting for a large share of global transactions, are highly appealing targets for such cybercrimes.

However, ecommerce brands are not sitting idly by. To address these increasingly organized and ruthless networks of cybercrime, many are joining forces with specialists that provide solutions focused on detecting and mitigating these malicious activities, such as transaction management and threat reporting technologies.

It remains to be seen whether the partnership between ecommerce merchants and security firms can mitigate the growth of online crimes, but their combined vigilance has given ecommerce industry analysts hope for the future. While these escalating threats demonstrate that there's no lack of space for innovative lawlessness, ecommerce stakeholders will continue the struggle against the emergence of online malicious activities.

Stay updated on the evolving battle in online risk by checking ecommerce industry whitepapers and more about the business impacts of online cybercrime trends.