Security News > 2021 > December > Seller-related fraud threatens long-term customer retention

Socure unveiled its survey, providing a stark warning for e-commerce platforms and marketplaces that consumers have zero tolerance for seller-related identity fraud and won't return to a platform if that occurs.

51% of consumers are reluctant to do business with smaller merchants due to the perceived risk of fraud.

What's more, a whopping 72% of consumers said that if a purchased item was not received due to seller fraud, they would never do business with that platform again.

Only 27% of consumers said they would abandon the platform if an item was not delivered on time, which suggests that seller-related fraud is a deal-breaker when it comes to keeping customers long-term.

The survey also revealed the top three concerns consumers have regarding shopping online, which are not receiving goods, goods not being delivered on time, and seller fraud.

According to the survey, the uptick in e-commerce volume will be accompanied by higher fraud risk, with 85% of consumers anticipating more or the same amount of fraud this year as compared to 2020.

News URL

https://www.helpnetsecurity.com/2021/12/10/seller-related-fraud/