Online fraud is more than the fraud at the point of sale. Are you an online merchant interested in fraud prevention? How are you going to fight chargebacks? This article will help you find the best chargeback insurance provider so to protect your business from online fraud.
Prevent Online Fraud, Get Chargeback Insurance
Online fraud is currently 81% more likely than in-store. Based on the latest Office for National statistics, more than half (1.8 million) of the 3.2 million incidents of fraud in England and Wales were related to cyber in the year ending September 2017.
According to the UK anti-fraud organisation Cifas, identity theft represents epidemic levels. A record high of 89,000 reported cases were registered in the first 6 months of 2017 alone. By the way, online shopping and auction fraud were the most common type of crime reported. In 2107, 1,438 online shopping and auction frauds were reported.
What do the exclusive figures obtained by Birmingham Live from Action Fraud, the UK’s national fraud and cybercrime reporting centre reveal? Well, based on these figures (from October 2016 to September 2017), 1,725 online crimes were reported.
Online Shopping Fraud and More
What is online shopping fraud associated with? Well, this type of online crime happens when fraudsters sell poor-quality or non-existent items. Then, you purchase an item, and it never gets delivered to you or is different from the what was advertised. This happens when fraudsters ask you for personal details that’re used to defraud you. Online fraud is growing all over the world.
With this in mind, it’s critical for merchants to focus on preventing fraud and reducing chargebacks. This can be done by turning to a payments expert in the UK that can help you find the best chargeback insurance provider to work with. A reputable comparison company can offer you free consultations, the best rates, fees, as well as the most honest snapshot of the company at the time of writing.
It’s interesting to note that 75% of consumers having participated in a survey say they’re more willing to share information with companies when the General Data Protection Regulation (GDPR) is implemented in May this year. 74% of respondents think fraudsters are always one step ahead of the organisations they target.
Author Bio: Electronic payments expert Taylor Cole is a passionate entrepreneur who also enjoys writing, playing guitar, and camping. BestPaymenProviders is UK’s best chargeback insurance company, serving both traditional and high-risk merchants.