image credit: Freepik

Fashion retailers see huge spike in fraud as pandemic provides “veritable petri dish” for online abuse

April 20, 2021

Via: Charged

Fashion retailers have seen a stark rise in nearly all types of fraud thanks to the rise in ecommerce shopping during the pandemic.

Fraud detection specialist Ravelin found that over half (54 per cent) of all fashion retailers have seen a rise in refund abuse since the start of the pandemic.

According to the report, retailers are “scrambling to drive ecommerce” to capitalise on the pandemic online shopping boom, leaving themselves vulnerable to abuse from both customers and professional fraudsters.

Nearly a third (32 per cent) of fashion retailers said they had experienced a rise in online payment fraud over the past year, while a further 44 per cent saw a rise in account takeovers and promotion abuse.

Read More on Charged