The 12.12 sales celebration is not only an opportunity for consumers to get the best deals; but also an opportunity for fraudsters targeting online retail shops.
When e-commerce mobile applications are increasingly becoming the main choice for consumers in shopping, their security must be a top priority for these online shops. Here are three of the most common fraud attacks that e-commerce app providers should look out for:
1. Scalping
This refers to the process of using bots to buy popular or discounted products as quickly as possible and then resell them at an increased price.
2. Promotional Scams
Promo codes and vouchers are something that is very commonly given during 12.12. Using promo codes and vouchers is a great way to attract new customers and keep old ones coming back. But it turns out that promo codes and vouchers also attract fraudsters to create fake accounts and use the same promo codes over and over again.
3. Account Takeover
E-commerce companies are certainly no stranger to account takeover attacks or Account Takeovers. With 12.12 or not, fraud with account takeovers is always rampant on any online platform. Fraudsters mingle with legitimate buyers and launch e-commerce app account takeover attacks during times of hectic traffic.
While e-commerce businesses tend to focus on payment-related attacks, online shops should be aware of other ways fraudsters can attack their systems.
With a large amount of shopping taking place using smartphones, online stores should pay special attention to the malicious activities that can occur in their mobile applications.
Mobile applications require different types of fraud prevention solutions and strategies. A mobile-first approach to prevent fraud and misuse of data is needed in order to identify potential threats that will occur, and protect users.
"If online shops don't do this, then this 12.12 celebration might turn into a nightmare later".