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The surge in online purchases has also resulted in a greater need for e-commerce fraud prevention, according to a number of industry experts. With many retailers and brands selling online for the first time, or dealing with unprecedented volumes of online orders, they are increasingly vulnerable to cybercrime, which could cause significant damage to their bottom lines.
“Several factors are making it harder for risk teams to spot fraudulent behavior during the pandemic, including changing consumer behavior,” said Jason Cheung, product manager of fraud at Digital River Americas, a global commerce solution. “Customers are shopping online more frequently and at different times, which can trigger false positives within risk models.”
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Other issues could arise from increased bulk buying, whether due to consumers trying to stock up on product or take advantage of discounts (bulk orders have traditionally been a