In North America, 67 percent of all digital transactions now take place on mobile, with native mobile apps representing 47 percent, according to eMarketer. Reports show that many times after paying the ransom, the data is not retrievable and the company has lost the information regardless. I was recently asked if I could come up with a list of threats to online retail businesses – not just the obvious ones, but anything that might have a knock-on effect and is therefore potentially worthy of retailer consideration. Following a string of fraudsters, such as … Stephen Covey addresses the concept of Backwards Planning in his famous book,The Seven Habits of Highly Effective People, as “Habit #2 – Beginning with the End in Mind.” Covey states in his book, “To begin with the end in mind means to start with a clear understanding of your destination. Operationally, online retailers need to plan far in advance. This means that application developers need to consider both environments when designing new applications, but native mobile apps are certainly the future. Transactions like this fall to the responsibility of the online marketplace business. Online retailers can increase their sales and profits faster than a brick and mortar establishmen… These might include a high-profile event, like the Royal Wedding, that will increase global traffic demands, or a hurricane that will lead to increased activity at sites such as large box stores for goods to fortify homes and/or repair them. Although online retail via smartphones accounts for only one-third of online retail sales, smartphones’ impact on retail sales is massive. E-commerce threats and opportunities. Join this elite group to protect against fraud that you haven’t even seen yet. Notably, peak traffic events can occur at any time of the year. Common examples of security threats include hacking, misuse of personal data, monetary theft, phishing attacks, unprotected provision of services, and credit card frauds. As we, along with others, have seen throughout 2018, online retailers need to be “mobile first” in their approach, with the objective of providing the most optimal CX for mobile users that they can. In a world in which fraudsters have hundreds of tactics for committing ecommerce fraud, Fraud.net enables merchants to approve more transactions while reducing fraud with advanced, AI-powered fraud detection, case management, data mining and visualization. All this focus on mobile CX can’t come at the expense of still providing an optimal desktop CX. This is the most common type of fraud. There are quite a few threats you need to protect your online store from. Our site uses cookies so that we can remember you and understand how you use our site. The lower number for Cyber Monday is intriguing; a possible explanation is that threat actors are becoming smarter and more focused in their attacks, only using the more profitable types. Published Mon, ... As holiday shoppers pull back on impulse buys amid Covid, online retailers are forced to crack a retail … , which involves a consumer reporting they never received their item(s) and requesting a refund even though they did in fact receive the goods or services. Five-star ratings can do wonders for online retailers, so it pays to be sceptical … E-commerce offers many ways retailers can reach consumers and conduct business without the need for a brick-and-mortar storefront. SK9 5AF Typically, 95% to 98.5% of transaction attempts are from real customers. The best defense against ecommerce fraud is to deploy, when an account is opened and at the point of sale, in real time. Wilmslow Amazon remains a looming threat for some of the biggest retailers in the country — like Walmart, Target and Macy's — that are trying to grow their businesses online… Wycliffe House Clearly, improving the mobile CX mustbe moved up the digital priority list; if retailers don’t do this they risk being at a competitive disadvantage. Your Rights as a Data Subject: Vulnerable Wi-Fi networks. Of note, this record was set on a weekday, and it was NOT during a global event such as Black Friday, the World Cup or Olympics. And looking into the future, Forrester“expects digital to influence 58 percent of retail sales by 2023 thanks in large part to the growing role that smartphones are playing in shoppers’ lives: But mobile means two things: 1) a native mobile app OR  2) a mobile user accessing a web application via the device’s browser. Articles, Business Law Articles; As more and more companies sell things online, especially to far-flung customers, it can be difficult to keep track of the ever-changing legal rules that apply. There … Undoubtedly one of the biggest high street threats for many independent retailers is the rise of online shopping, or ecommerce, which continues to grow in popularity. Retailers face a lot of threats in the fast-changing industry. Common Ecommerce Security Threats & Issues. Shoplifters and other criminals remain a major headache for traditional retail … AI, specifically machine learning algorithms, are tuned with merchant data and consortium data to identify the “signals” indicating an ecommerce transaction is actually a scam. What’s more, DDoS [distributed denial of service] attacks targeting retail sites are increasing, along with complexity of the attacks. 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