The 2019 holiday season is in progress! Attacks on retail online payment transactions are anticipated to hit records this year. How are you going to protect your business? Do you need help with chargeback insurance providers? If yes, this article is just for you.
Holiday Shopping Fraud: Chargeback Insurance Providers
Credential Stuffing and Account Takeovers (ATO) occur when online fraudsters steal login credentials from 3rd party breaches and use them to get access to an account.
eCommerce in North America increased by 16% last year to more than U.S. $500 billion. eCommerce makes up 23% of all retail in China, and 15% in the U.S. Specifically, holiday sales account for 20%-30% of annual sales in the retail market.
By the way, the fresh start of the 2020 sales season comes with Valentine’s Day. So, you have no other option but to provide effective defenses for your eCommerce business.
What fraudsters do is first to test credentials and then take over accounts, as Vanita Pandey, vice president of strategy at Arkose Labs says. Be aware that retailers are projected to lose U.S. $130 billion in card-not-present (CNP) fraud during 2018 – 2023.
How are you going to protect your business from fraud and chargebacks? One thing is certain: working with a reputable payment processor is a must. With a secure and experienced merchant services provider, you can get the best help with chargeback insurance providers and fraud prevention techniques. Look for the most reliable and cheapest services in the field.
Increase in ATO Attacks
According to Arkose Labs’ recent Q3 fraud report, ATO attacks grew by 30% in the retail industry as compared to the same quarter in 2018. Besides, 81% of the overall retail attacks were associated with fraudulent payments transactions.
Based on a recent survey by Cyber Readiness Institute, 3/4 of U.S. consumers are less willing to choose small businesses that suffer cyber attacks. Besides, online shoppers find large retailers to have more potential in protecting their security and privacy.
To sum up, merchants lose more than 1/2 billion dollars on a yearly basis because of fraud, and this number is growing. Almost 40% of all attempts to hack accounts online are now high risk. Losses associated with fraudulent online transactions are anticipated to make up $25.6 billion by 2020.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country that can best help you with chargeback insurance providers. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.