Why ecommerce is more vulnerable to fraud during economic restrains
The ecommerce sector is set to reach over USD 8 trillion by 2026, which makes both domestic and cross-border ecommerce more susceptible to fraud. Darryl Green, Executive Chairman at CAF tackles the reason behind this sector is more vulnerable to fraudsters, amid the latest global economic restrains.
The booming ecommerce sector is on a high-growth path with no slowdowns in sight any time soon. If estimates are anything to go by, the ecommerce sector may reach USD 8.1 trillion by 2026.
Low barriers to entry, multiple digital payment options, easiness of use, and the ability to make device-agnostic purchases are driving the prolific growth of ecommerce platforms around the world. A growing global customer base is also driving cross-border ecommerce, as consumers look for better deals and businesses try to expand their operations across diverse geographical locations. The global B2C cross-border ecommerce is expected to clock USD 5,576.73 billion in revenues by 2030.
Unfortunately, the reasons behind this prolific growth are also the reasons that make the ecommerce sector – both domestic and cross-border – susceptible to fraud.