The survey which identified the key priorities and challenges ecommerce merchants are facing in relation to fraud, compared to pre-pandemic trends.
In comparison to the days before the COVID-19 pandemic, around three-quarters of merchants reported increases in both fraud attempts and fraud rates by revenue. Friendly fraud and card testing have surpassed phishing/pharming and identity theft as the most common attacks, globally, according to the survey findings.
The variety of fraud attacks merchants experience has declined, although the volume of attacks has increased. On a tactical level, merchants are relying more heavily on a handful of widely used tools, including Card Verification Number (CVN) and email verification.
Fraud management costs have increased five-fold, on average, compared to pre-COVID, from an average of 2% of annual ecommerce revenue in 2019 to around 10% in 2021.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.