How E-Commerce's Explosive Growth Is Attracting Fraud - Kount

As published on Forbes, May 18, 2020

Bottom Line: E-Commerce and online retail transactions & revenue continue to set new year-over-year records in 2020, creating one of the fastest-growing opportunities for bad actors and cybercriminals to defraud digital businesses of millions of dollars a year.

The swiftness that stay-at-home orders created new online buying habits is the crucible e-commerce and online retailers’ platforms needed to earn greater trust. ACI Worldwide Research announced this week that global e-Commerce retail sales had achieved 209% year-over-year revenue growth. Kount’s latest eCommerce Trends, Spring 2020 Report, further quantifies the high growth e-commerce and online retailing is experiencing today. Kount found that same day or next day shipping was up 237% in mid- March, and peaked again in late April, up 305% compared to the same week of 2019. Kount also found that transaction volumes in key product categories are driving a large percentage of the growth. Wellness and vitamin online transaction volumes increased 91% year over year in mid-March. By the third week of April, Sporting Goods online card-not-present transaction volume increased 599% year over year. Crafts and Wine transaction volume soared nearly 900% compared to last year.

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