Komtera Technology Sales Director Gürsel Tursun, who states that the damage caused by online payment fraud in the e-commerce sector will exceed $343 billion between 2023 and 2027, underlines that such fraud can occur despite the use of double-factor authentication measures and takes 4 critical measures against the potential of online fraud sharing.

According to research results from Juniper Research, losses from online payment fraud in the e-commerce sector are expected to exceed $343 billion between 2023 and 2027. Komtera Technology Sales Director Gürsel Tursun, who states that such a situation will have serious consequences for the e-commerce sector and that the strategies to be developed in the fight against online payment fraud must be innovative, emphasizes that effective authentication tools must be used to prevent the fraud. and protect users as best as possible.shares 4 critical measures to be taken against the risk of payment fraud.

Scams and types of online payment

Online payment fraud is defined as the use of personal information, such as stolen card information, by others to make fraudulent purchases. Criminals use an IP in a similar location to the cardholder and modify their browser settings to mimic the settings of the person from whom they stole their information. If their system is successful, both the cardholder who lost their money and the companies that approve the fake purchase will be affected. So much so that if the real cardholder makes a request to the bank, companies that approve the sale are also responsible for the chargeback amount. The types of online fraud to be aware of are listed as follows:

1. Phishing Scam: Phishing scams occur when a criminal contacts the victim via email, text or phone to gain access to the victim’s personal information. For this, the criminal tries to imitate a person or brand that the person knows and requests personal information from the victim.

2. Cyber ​​attacks: During this scam, criminals steal bank card details from websites where victims enter payment details to purchase goods or services. Scammers then use the stolen data to make fake purchases and transactions, especially on the dark web.

3. Bank Transfer Fraud: Bank transfer fraud involves a variety of fraudulent activities in which the victim is tricked into making a direct transfer for goods or services.

4. Friendly Scam: ”In this so-called ‘friendly’ scam, scammers initiate a payment with their personal card or through a bank. Then they ask for a refund and claim that they did not receive the product or that they received a defective product. In this case, the scammer can get both the product he bought for himself and his money back.

Precautions against online payment fraud!

Most fraud prevention systems do not detect fraudsters attempting to commit a crime. He said companies in the e-commerce sector should take precautions against the damage that can result from online payment fraud. Komtera Sales Director Gürsel Tursun lists 4 critical measures that can be taken.

1. Check payment and shipping information. Check payment and shipping information carefully to identify suspicious transactions.

2. Choose reliable payment systems.Choose a reliable payment system with robust security features and use online payment fraud detection mechanisms to detect payments outside your control.

3. Investigate suspicious transactions. Check for suspicious purchases, such as very large purchases that are usually made at night or very early in the morning.

4. Contact authorized persons. Sales service companies should be vigilant and investigate suspicious transactions by contacting the consumer directly or talking to the payment processor.