E commerce fraud

JAI ACADEMY

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CYBERETHICS FOR E-COMMERCE

E-Commerce is new look of business and ethics is very much important in it like other businesses. A customer first gives its personal details and contact numbers to an organization then its the responsibility of organization to keep secret of their customers information so that they can trust on e-commerce. Hacking and frauds are easy in online business so care of customers data is very important.

what is e-commerce fraud?

E-Commerce fraud is an illegal transaction performed on an eCommerce platform by a criminal or fraudster by using stolen payment information for online transactions without the account owner’s knowledge. It is also known as purchase fraud. It can be done by using a false identity, stolen credit card, fake cards, and details, false personal and card information, etc.

why does online fraud takes place?

It is rather obvious that the growth of the eCommerce industry, along with the increase in payment methods like cards, online payment solutions are directly linked to the increase in frauds. According to the report, eCommerce fraud numbers have grown rapidly over the last few years making online frauds twice the rate of eCommerce sales. Needless to say, eCommerce places are flooding with various reasons for fraud to take place. Here are some of them:

• The remote working scenario can help increase sales and distribution fraud.
• Counterfeit and damaged products can be put in distribution to meet the increased demand.
• Third-party vendors and resales and their conflict of interest.
• Tampering with inventory management.
• Cyber fraud
• Hiring unethical employees / hiring employees without doing a proper background check.