Fighting Payment Fraud
Privacy Files
Navigating the Challenges of E-Commerce Payment Fraud
This chapter addresses the growing threat of payment fraud in the e-commerce sector, noting that nearly 0.9% of transactions are fraudulent. It emphasizes the need for proactive cybersecurity strategies, including threat intelligence and training for employees, to effectively combat these sophisticated threats.
Fraud is big business. We're talking well over $10 billion annually in the United States alone.
And the role that online fraud is playing is growing rapidly.
According to the Federal Bureau of Investigation's (FBI) Internet Crime Complaint Center, Americans have lost $1.6 billion from January to May of 2024. That's nearly $300 million more than from this same period of time in 2023.
For businesses to excel in the digital space, they must implement robust fraud prevention measures that build consumer trust.
And given the prevalence of high-profile data breaches these days, consumer trust is a difficult thing to earn. In fact, according to CFO Magazine, half of all companies not only don’t know how many times they’ve been targeted by payment fraud attempts, but they also don’t know how much money that fraud has cost them.
But the good news is, companies understand how imperative it is to address fraud. In a recent survey of 2,000 small-to-medium size businesses conducted by KeyBank, payment fraud was the top concern.
In this episode of Privacy Files, we talk to Dorota Wróbel, the Chief R&D Officer at G2A, the world’s largest digital entertainment marketplace. It's a marketplace where consumers can buy and sell games, and virtually any type of digital product.
Dorota talks about how G2A is leading the way in preventing payment fraud, with revenue lost coming in at ten times lower than the industry average.
Overall, Dorota attributes G2A's success to making trust and security top priorities.
This episode is also a reminder that even though companies are improving their fraud prevention programs, fighting scammers is not just the purview of businesses. Consumers must be proactive as well to mitigate their fraud exposure risk.
Defeating bad actors is s team effort.
To learn more about G2A:
https://www.g2a.com/
Links Referenced:
https://www.cfo.com/news/many-companies-clueless-about-payment-fraud-report-claims-AI-deepfakes-tech/723625/
https://apnews.com/article/small-business-fraud-payments-transactions-transfers-ff4f397e4be076216a28f1a75affab7a
https://www.govtech.com/blogs/lohrmann-on-cybersecurity/fbi-says-stopping-online-fraud-and-scams-requires-new-focus
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