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Ecommerce fraud in 2023: What should online shops prepare for?

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Ecommerce fraud in 2023: What should online shops prepare for?
Hacker dark face using laptop in the dark room

Omni-channel fraud, mobile attacks, identity theft and friendly fraud could pick up in 2023. Online commerce in the country continues to grow but also regains a balance with physical shop purchases. Says Xavier Aguirre, commercial director for Signify in Mexico.

As shopping channels, payment methods and product delivery methods increase. Retailers will have to analyse and pay attention to a greater number of variables that could act. As an entry point for fraudsters, who look for any and all vulnerabilities to commit some of the types of attacks mentioned below.

Ecommerce fraud in 2023: What should online shops prepare for?

Omni-channel operation
Once fraudsters have obtained the data to access a legitimate user’s account or have taken control of a third party’s credit card. For example, they will have at their disposal different formats to commit fraud. From buying a product online and collecting in-store before the legitimate customer notices the charge.

To buying through an in-store kiosk to make it difficult to be trace by anti-fraud teams. Remember that criminals are quick to innovate techniques and tools to achieve their goals. Without innovating at the same pace, the hardest hit will be the merchants, who will have to bear the cost of chargebacks.

Ecommerce fraud in 2023: What should online shops prepare for?

Mobile attacks
During Buen Fin 2022, whose digital channel transactions accounted for 18% of total sales and generate $23.7 billion pesos. There was a 61% growth in shoppers using smartphones to visit and explore retailers’ sites during the sale days, according to AMVO.

This behaviour exemplifies what retailers can expect from their consumers and fraudsters this year: understanding that smartphones will continue to be a popular tool for e-commerce customers. Fraudsters will look for vulnerabilities in major online commerce applications to steal sensitive information. Such as usernames and passwords; or they may even create fake apps in order to steal shopping credentials and conduct transactions in their name. .

Account hijacking
Through social engineering, the development of fake merchant sites and other deceptive phishing tactics, fraudsters obtain customers’ information to access their accounts and make purchases in their name. While the creation of synthetic accounts continues to astound e-commerce, account takeover fraud continues to grow. Signifyd data shows that fraud pressure from account takeover from mature shoppers, i.e. those who have a history of shopping with the merchant, increased 7% last year compared to 2021, with 34% of the pressure coming from those accounts versus 66% coming from new customer accounts; will merchants be ready for what may happen in 2023?

Friendly Fraud
Not all fraudsters are skilled criminals. Some customers, legitimate owners of credit and debit cards, impact the retailer by intentionally or unintentionally raising false claims that force the shop to return the amount paid, stating that the product did not arrive at the indicate address, was never picked up in shop, or that the charge is unrecognised. According to Visa, friendly fraud increase by 20% to 30% globally by 2022, depending on the country. And with the steady growth of e-commerce in the market, Mexico is definitely not exempt.

„One way merchants can avoid being victims of fraud in 2023 is by implementing anti-fraud solutions with Machine Learning technologies. Such as Signifyd’s, which analyses thousands of variables during a transaction to detect if the buyer has committe some kind of fraud before, if it is a stolen payment method or if any data is suspicious and risky,” says Xavier Aguirre.

If the transaction is fraudulent, Signifyd’s solution automatically rejects it. With the precision necessary to safeguar the experience of legitimate customers and allow them to shop without hindrance or interruption. In addition, by having an advanced anti-fraud platform, merchants have a proactive strategy with up-to-date information on evolving fraud, rather than a strategy that is simply reactive to current trends.