Ecommerce Losses Reach Staggering $48 Billion This Year, New Report Reveals

The ever present threat of a cyberattack has the potential to derail industries around the world, and if industry leaders don’t take swift action, the losses could stack up to unimaginable levels. According to the Trust Index that was recently released by Telesign, there has been a whopping 36% increase in fraud related to online payment fraud in the earlier months of 2023 alone.

Another report released by Sift seems to point towards a worsening state of affairs. In their Digital Trust and Safety Index for Q3 2023, they revealed that Account Takeover Attacks have increased by an astounding 354% in the second quarter of 2023 as compared to the same quarter last year.

This is nearly double the 169% year over year increase in 2022, which seems to suggest that the problem is rapidly spiraling out of control with all things having been considered and taken into account. Not only does this result in considerable financial losses, but it also makes customers less likely to trust these brands than might have been the case otherwise.

With all of that having been said and now out of the way, it is important to note that 94% of customers say that businesses are the ones that should be held responsible for the rise in attacks. This seems to make sense because of the fact that this is the sort of thing that could potentially end up putting the onus on businesses to beef up their security protocols. It is imperative that businesses take all of the necessary steps to keep their customer safe from harm.

Based on the findings presented in these reports, it appears that 24% of customers have already been approached by malicious actors who are intending to commit account takeover attacks. It will be interesting to see if this data gives businesses the impetus they need to improve their cybersecurity protocols. Failing to do so might result in customers losing their faith in businesses, and the reputational as well as financial impact could ripple out for many years to come and affect future relationships as well.

Read next: Instagram's Digital Renaissance as it goes from ATT Woes to Revenue Heights
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