New report analyses fraud on e-commerce websites
A Global Fraud Index has been published by PYMNTS and Signifyd. The report analyses fraud attempts on e-Commerce websites and tracks what’s trending. It identified a 5.5% increase in total fraud from second quarter of 2016 to the second quarter of 2017. One of the highlights of the report is the growth in Account Takeover fraud, which has replaced Stolen Financials as the fastest growing fraud threat for e-commerce. Account Takeover rose by 45%, representing a loss of 3.3 billion dollars for retailers. Account takeover fraud is a form of identity theft in which the fraudster gets access to a victim’s bank or credit card accounts – through a data breach, malware or phishing – and uses them to make unauthorized transactions.