The growing threats of e-commerce

The growing threats of e-commerce

In spite of stores reopening in many parts of the country, people continue to shop online more than ever. Find out what are cybercriminals’ favorite crimes so you can avoid them.

Online shopping has been popular for years, but the COVID-19 pandemic has made it grow even more these last months. This includes using new sites created by small businesses, trying to stay afloat in dangerous economic times.

Online fraud was already on the rise before the coronavirus pandemic, largely due to chip and signature technology, which has made in-person credit card fraud much more difficult to accomplish. And the pandemic only worsens the situation. Experts warn consumers to be careful because cybercriminals also flock to e-commerce sites. Their favorite crimes include opening fake accounts on retail sites and hijacking real accounts through identity theft.

Account acquisitions were 72 percent higher in 2019 according to the latest figures from security firm Javelin, which tracks financial crime. Losses caused by consumer fraud in the United States reached $ 16.9 billion that year, and consumers directly paid $ 3.5 billion of the total. Consumers now face several new threats like coronavirus-themed phishing emails designed to steal account credentials and other sensitive data. Emails advertise everything from fake cures to mask deals and other essentials.

Meanwhile, previously existing consumer information theft methods, such as online card theft software, are becoming bigger problems as consumers turn to new e-commerce operations set up by their favorite small businesses. Here is a summary of some of the top threats to online shopping:

While supermarkets, coffee shops, and stores hurried to adapt to the challenges of the pandemic, many hastily worked out processes to take more orders remotely, in many cases to avoid the high fees imposed by websites like DoorDash.

That is not a bad idea, but consumer safety is suffering. People take the information on the card over the phone and email it using insecure methods, which exposes you to the old-fashioned risks of unscrupulous employees, or anyone else, extracting credit card information from the trash.

Also, hastily assembled websites often bypass account protections like Two-Factor Authentication or the requirements for a strong password, making them easy targets for online criminals.

Additionally, small business websites may be susceptible to so-called Magecart attacks, in which loosely associated groups of cybercriminals compromise shopping sites, inserting online skimming software that steals consumer card information. Smaller companies, especially those in a hurry to launch an e-commerce business, often use standard plug-ins and do not properly examine them, making websites insecure.
 

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