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With an increase in the popularity of business-to-consumer (B2C) online retail, there has been a surge of fraud in e-commerce and online payments. Fraudulent activities including personal information breaches and untrusted online payments have been deterring consumers, all over the world, from partaking in B2C e-commerce.
With these risks in the market, it is likely that many larger online retailers will spend more time and money on fraud prevention and detection. If global companies participating in e-commerce can prevent and detect fraud, they will have a greater opportunity to attract consumers, who in the past, refused to partake in online retail shopping.
The distrust in e-commerce business is mainly coming from consumers in European countries. Shoppers in the US and China seem to have more confidence in the security measures that companies currently have in place. The highest level of confidence in e-commerce, however, comes from individuals who are 35 years-old or younger. This is due to the fact that most people in this generation grew up with electronics, so for them to put more trust in online transactions is unsurprising.
With the upgrades in mobile technology over the past few years, consumers are now able to move from computers to mobile phones to conduct online transactions. This transition poses additional security threats that firms must consider. Global companies that partake in e-commerce business are making quick moves to set up prevention and detection measures for fraudulent activities within e-commerce and mobile payments.
The most predominant focus for e-commerce fraud is in cross-border electronic transactions. With some countries having a higher likelihood of fraud than others, it is important to set up measures to combat e-commerce fraud that takes place in global transactions. With more and more companies targeting consumers in other countries, generating security measures that combat fraud within global e-commerce is a must to succeed in the growing B2C global e-commerce market.
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