“Data breach” is a term no one likes to hear. It causes customers to lose faith in the retailers that put their sensitive payment card data at risk, and it triggers a massive scramble to recover from the fallout for the retailers that are targeted by hackers.
The holiday season is the most important time of the year for online businesses. While an increased number of shoppers are perusing ecommerce sites, an increased number of bad actors are, too. Even though Christmas is behind us, the holiday selling season is not over. Many consumers will take advantage of post-holiday sales and begin redeeming gift cards received during the holiday season (typically spending more than the gift card amount). Without the right ecommerce fraud prevention tricks, merchants are at risk for serious losses. It’s important to have the right tools in place to combat fraud year-round, but merchants are especially at risk during this busy time of year.
Retail ecommerce grew to a healthy $409.208 billion in 2017, but that growth came at a price: 16.7 million reported victims of fraud in 2017 (6.64 percent of the US population). Unfortunately, this doesn’t come as much of a surprise. With both increased rates of ecommerce transactions and consumer data on the web, fraud is becoming easier and more accessible for criminals.