Security News > 2020 > March > As consumers turn online for purchases, many are targeted by pandemic-related digital fraud

As consumers turn online for purchases, many are targeted by pandemic-related digital fraud
2020-03-26 05:30

The survey reported a 347% increase in account takeover and 391% rise in shipping fraud attempts globally against its online retail customers from 2018 to 2019.

"With so many reported data breaches, it's not just about if your account will be hijacked, it's about when," said Melissa Gaddis, senior director of customer success for TransUnion Fraud & Identity Solutions.

Shipping fraud is when criminals take over a customer account but don't change the shipping address in order to avoid detection.

Cybercriminals access accounts to drain loyalty points or create multiple new accounts to use the same promotion over and over, often against website and app terms.

"With so much room left for growth, it's important that retailers stay ahead of the emerging transaction and retail trends to provide a friction-right experience for consumers and a fraudster-proof barrier."


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