Online shopping has been a norm among Americans even before the COVID-19 pandemic. Fraudsters are always looking for ways to steal money from businesses and consumers.
Then and now, e-commerce platforms are vulnerable to attacks by cybercriminals, thus consumers are at risk of becoming victims of identity theft.
During the pandemic, out of necessity, we’ve moved our lives online. Many of us work, go to school, go shopping, and enjoy a social life without leaving home. Now is the time for consumers to stay alert.
Fraudsters are getting more sophisticated at getting consumers’ personal and financial information online, according to Jeff Sakasegawa, a trust and safety expert with Sift, a fraud prevention solutions provider. He told CNBC, “COVID accelerated e-commerce to a level that’s five years before it would have been without the pandemic.”
Since everyone has a bigger digital footprint, it’s no surprise that businesses are maximizing their presence online. Sift said an entire network of fraudsters is operating underground. The digital safety community refers to it as “illicit supply chains.”