Besides many conveniences and perks of online shopping, some risks remain present. Be aware of them because internet scams and breaches of trust are rising, as witnessed by Internet security professionals and law enforcement.
Financial frauds exploded since 2008
Malicious acts on the internet fall into the category of “economic scams and breach of trust.” The latter exploded in 2008. And financial scams increased by 20% from 2008, the strongest increase of all the figures for delinquency in 2008.
Over ten years, this index has increased by 47%. It is, therefore, possible to imagine a cybercrime effect on this recent outbreak. The lockdown due to COVID has made it possible to increase the time spent and activities on the internet and the number of potential victims.
As a general rule, the retention of personal data (password, username, and credit card number) is problematic. E-commerce sites require customers to identify themselves using a password and an identifier on an unsecured page. The transaction is protected if a code “HTTPS” or the padlock appears in the logo. If we can still trust the protection “https,” which uses the MD5 certificate and even s ‘it has already been broken, it is not normal that the request for personal information is not secure. Hackers can collect this insecure personal data quite easily.
The flaws of data collection
In addition, a customer of an e-commerce site does not know the destination of their bank data. They can very well be destroyed, preserved, or subcontracted. The customer does not have any visibility on the practices of the trader.
In the United States, the Hannaford supermarket chain discovered bank card fraud. 4.2 million references were hacked (card number, expiration date) after hackers entered servers across the Atlantic.
The failures come either from the lack of vigilance of Internet users or the lack of security of online sites.
Internet frauds have created such a lucrative market that the sale of pirate services has become very accessible. In Hamburg, a German journalist managed to negotiate with pirates for the sale of more than 21 million bank references for 12 million euros.
The resale of pirating services to third parties has become so common that prices have fallen dramatically on this black market.
However, banks and chargeback companies are “very vigilant and reactive to frauds and piracy.
Functional risk describes the fact that the user cannot verify the quality or functionality of the product itself when purchasing online. It seems trivial now, but it is a huge obstacle for visitors to online stores nonetheless. It doesn’t matter if you sell your products or you are a reseller.
Many internet users know how much money and effort companies invest in quality campaigns, product photos, and marketing. Just google “online shopping fail” or “Aliexpress fail”. You will see how far some products can be from the product delivered.
However, large corporations and luxury brands are also countering this risk by extending the legal right of withdrawal from 14 days to 30-day return terms. These measures are readily used because the customer feels more secure when purchasing the product.