Some bad players can send infected links via email or social media inboxes. If the clients fall into the trap and give them their sensitive personal information like login credentials, the hackers swiftly go ahead and con them. The EITest of 2017 is another good example of such malicious campaigns. A seemingly harmless and authentic email from PayPal asking to provide details. Such fraudsters present fake copies of your website pages or another reputable website to trick the users into believing them. Several e-commerce shops have received reports of their customers receiving messages or emails from hackers masquerading to be the legitimate store owners. Some hackers also engage in refund frauds, where they file fake requests for returns. The bad players perform unauthorized transactions and clear the trail, causing businesses great losses. You can detect and curb such activities on your store by installing an AVS – Address Verification System.Īnother form of credit card fraud is when the fraudster steals your personal details and identity to enable them to get a new credit card. Usually, in such cases, the shipping and billing addresses vary. It happens when a cybercriminal uses stolen credit card data to buy products on your e-commerce store.

There are various kinds of financial frauds prevalent in the e-commerce industry, but we are going to discuss the two most common of them. Financial fraudsĮver since the first online businesses entered the world of the internet, financial fraudsters have been giving businesses a headache.

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