Security News > 2021 > August > The impact of eCommerce fraud on retailers and shoppers

There's a stark disconnect between retailers and shoppers on the matter of eCommerce fraud, Riskified reveals.

The research, which comprised 4,000 consumers and 400 retailers across the US, UK, France and Germany, highlights how widespread online retail fraud is, the extent of its enduring financial impact and how it's perceived in the eyes of shoppers versus retailers.

The impact of fraud on retailers' bottom lines is severe, with 26% of global retailers saying that fraud is significantly damaging their profitability.

Worse still, 34% of global retailers said they had lost between 5% and 10% of their eCommerce revenue to fraud in 2020.

A confidence gap between retailers and consumers globally was also unearthed, with 55% of all retailers stating that they were confident in their ability to prevent eCommerce related fraud, despite only 34% of consumers trusting in retailers' ability to prevent said fraud.

"Fraud presents unique challenges for retailers who want to protect their businesses while also delivering a seamless and safe experience for shoppers. According to Juniper Research, merchants lost $17 billion to eCommerce fraud in 2020, and that number is expected to exceed $25 billion in just three years."

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