Can you believe the holiday season is just around the corner? According to October surveys from
the National Retail Federation, estimates for 2018 holiday season sales range from $717.45 billion to $720.89 billion. This will be an increase of roughly 4.5% from the year before. Of those holiday sales, more than $125 billion will be generated online. As more people take advantage of the conveniences of shopping online to complete their holiday gift lists, it’s important for internet retailers to pay close attention to the latest security threats that could potentially impact them. Scammers are growing more sophisticated all of the time, and they will develop new cyberattacks based on new vulnerabilities they discover. This year, for example, security experts are warning the public about a hacking practice
involving social media ads. They basically will create a fake business and use social media advertising to get users to click through to their fake store where they can then buy goods that aren’t actually available to buy. When the social media user submits their information to purchase the good, the scammer will steal that information and run up as many charges as possible. Online retailers must pay close attention to their fraud and risk management infrastructure to ensure they are not susceptible to fraudulent charges. Cyberattacks could result in chargebacks and unauthorized payments that could end up costing these businesses significantly in the long run. Luckily, there are ways for online retailers to fight back and protect their customers and own financial interests.
November 01, 2018
New Holiday Season Security Threats Make the Case that Online Retailers Need to Take Security Seriously
Can you believe the holiday season is just around the corner? According to October surveys from
the National Retail Federation, estimates for 2018 holiday season sales range from $717.45 billion to $720.89 billion. This will be an increase of roughly 4.5% from the year before. Of those holiday sales, more than $125 billion will be generated online. As more people take advantage of the conveniences of shopping online to complete their holiday gift lists, it’s important for internet retailers to pay close attention to the latest security threats that could potentially impact them. Scammers are growing more sophisticated all of the time, and they will develop new cyberattacks based on new vulnerabilities they discover. This year, for example, security experts are warning the public about a hacking practice
involving social media ads. They basically will create a fake business and use social media advertising to get users to click through to their fake store where they can then buy goods that aren’t actually available to buy. When the social media user submits their information to purchase the good, the scammer will steal that information and run up as many charges as possible. Online retailers must pay close attention to their fraud and risk management infrastructure to ensure they are not susceptible to fraudulent charges. Cyberattacks could result in chargebacks and unauthorized payments that could end up costing these businesses significantly in the long run. Luckily, there are ways for online retailers to fight back and protect their customers and own financial interests.
