Historically, phones have been the main target for scammers. Now, things have changed: scammers are concentrated on social media. If you want to learn what opportunities scammers find these days and discover the right eCommerce merchant account, you’re at the right place.
Popular Scams & eCommerce Merchant Account
The BBB (Better Business Bureau), the Financial Industry Regulatory Authority, and the Stanford Center on Longevity polled 1.408 victims of fraud last year. The results showed that most consumers had been victimized on legit websites and social media.
Did you know that the online ads that you click on can easily turn you into a fraud victim? Recent research in the field reveals that scammers have more chances to succeed when they get access to funds via websites and social media than via phone calls and emails.
Next, come Craigslist and eBay as the most lucrative platforms for scammers. In this case, fraudsters use authentic-looking ads for concert tickets, used cars, etc. on average, losses make up $600.
Specifically, phone calls proved to be less successful in cheating people. Only 11% of those polled lost money and 39% answered a fraudulent call. What about you, as an eCommerce merchant? Are you able to protect your online transactions properly?
For this, you just need to work with a secure merchant processing provider that offers the most reliable fraud prevention and chargeback mitigation techniques. With a true payment specialist, you can open a safe and cheap eCommerce merchant account fast and without challenges.
New Opportunities for Scammers
The BBB has received 10.450 reports of online purchase scams last year. The number was up 124% over 2017. Let’s take a look at some of the most common types of online scams you may come across today:
- Online shopping scammers very often advertise high-ticket items for sale at cheap prices. This refers specifically to mobile phones, video game consoles, laptops, jewelry, and cars.
- Dating scams are also among the best-known types.
- Fake charity scams: in this case, you may come across the so-called “chuggers” (charity + muggers) asking for donations.
- Identity theft is another popular type.
To sum up, online scammers are now focused on social media platforms and websites. Work only with a respectable payments expert to protect your business from fraud.
Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that offers the safest and cheapest eCommerce merchant account in the space. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.