Unforeseen Levels of Increased Online Purchasing Leads to Higher Payment Fraud
The unparalleled surge in online purchasing during COVID-19 has led to a 40% rise in online retail fraud attempts, according to the New York-based Fraud.net. Payment fraud had, anyway, been increasing in recent years, with the rise of e-commerce. For instance, online shopping fraud grew by 30% in 2017 – twice as fast as e-commerce sales. A recent True Cost of Fraud Study by LexisNexis found that online credit card fraud is estimated to reach $32 billion in 2020.
Moreover, the pandemic has pushed online shopping to a whole new level.