The growth in global eCommerce has opened up more opportunities for cyber criminals, with almost one in ten of us falling victim to online fraud.
In fact, global losses from payment fraud alone have tripled from $9.84 billion in 2011 to $32.39 billion in 2020. And it’s expected to continue increasing to a staggering $40.62 billion by 2027.
As well as the obvious financial impact, fraud can damage your brand reputation and impact customer trust. So, it’s vital that retailers choose wisely when it comes to targeting which countries they want to operate within.
Fraud exists everywhere but some countries have higher rates than others. Here’s a list of the top 10 fraudulent countries.
This of course doesn’t mean you should block these countries from your eCommerce website altogether. But if you are operating in countries with a higher rate, make sure you have measures in place to detect and protect you from fraudulent orders.
You can reduce your liability by implementing solutions such as 3DSecure (Mastercard Secure/Verified by Visa) in the payment stage. If you receive an order that looks suspicious – for example, a high-value order paid for with a UK card but delivered to a different address – you can contact the bank issuing the payment and check that the card hasn’t been stolen.