What Will Fraud Look Like in 2020?

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By Published On: November 15, 20190 Comments

In the bustling world of retail, businesses are developing the most sophisticated and advanced ways of capturing the attention of an audience. From AI to Buy Now, Pay Later, there's a myriad of ways that consumers can take advantage of this budding technology. Unfortunately, with every new tech that is released, fraudsters are catching up too. 

According to a study from Forter, from Q2 2018 – Q2 2019, the US dollar amount in fraud has increased by 12 per cent, underscoring an increase in quality of attacks. With this in mind, it’s imperative for retailers to understand the consequences and repercussions of fraud and how it can impact the consumer.

Why Should Retailers Pay Attention?

There are several different variations of fraud, depending on the industry that the retailer is involved within. From Account Takeover (ATO) to Identity Manipulation, there’s a myriad of ways a hacker can breach a customer’s privacy, as well as undercover retailer information.

“We live in a global time, where technology minimizes the distances between people across different countries, regions, and cultures. This notion also applies when considering and discussing what people buy, where they buy it, and where they are from,” explained Ata Gokyildirim, APAC GM at Forter.

As this trend continues to be true, the value of being a financially inclusive business is becoming far more important. In order to remain competitive, businesses need to ensure their fraud prevention solution is built to enable clients worldwide to access and receive their items, to be approved if they are truly legitimate, and more than anything else — to have a seamless shopping experience. It should be the goal of every merchant to be branded as a business that provides the best consumer experiences and shopping across the globe.

In the upcoming webinar with Forter and Power Retail, we will have an in-depth discussion on all of the comprehensive data featured in Forter’s newest Fraud Attack Index. Throughout this webinar, Forter will analyse over $140 billion in annualised e-commerce transactions, this report encapsulates the most extensive research ever conducted in this field. Don’t miss this exciting webinar for a chance to learn:

  • Which industries are most vulnerable to fraud
  • What methods of attack fraudsters are using to exploit merchant platforms
  • How customer experience and consumer expectations are evolving
  • The differences in fraud trends around the world

This webinar is far too important to miss. Taking place on November 20th, 11 am – 12 pm AEDT, retailers can capture a first-hand insight into the lucrative fraud business. In order to remain competitive, your business must be able to keep up with today’s shifting fraud landscape.

Sign up for your spot here. 

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About the Author: Power Retail

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