Effective Anti-fraud Solutions for the E-commerce Industry
Technological innovation though has created a number of opportunities for the growth of a globalised business environment; it has also brought with it a number of challenges. The business environment is prone to copyright and patent thefts which can cause intense damage to a brand’s name and reputation. The wide use of the internet and the World Wide Web for online brand presence has paved the way for online frauds and scams to be synonymous with e-commerce. With luxury goods and cosmetic industry thriving in the e-commerce market, the fraudulent activities also thrive more on these business sectors.
Like the physical markets which are being strongly affected by fake and duplicate products, the electronic high-tech industry along with the luxury goods and cosmetic industry are the most effected counterparts in the online market. The low affordable price ranges dupe the eager customer both with cost and quality. Online frauds being incredibly frustrating and financially taxing both for the organizations and the consumer need to take up effective anti-fraud solutions to them.
With the B2B and B2C e-commerce showing unprecedented growth signs, the fraudsters are continuously monitoring the e-commerce websites for loopholes. As a first step, organizations need to have an effective fraud detection system in place.
As per the PwC global economic survey conducted a few years back, nearly 50% of enterprises worldwide fall prey to frauds and grey market sales. Today, with internet forming the major communication channel both for business and social circles, counterfeiters can access millions more potential victims, paving way for a multifold increase in counterfeiting activities.
To counter these counterfeits, however technological innovations have also paved way for the development of powerful anti-fraud solutions to help prevent internet frauds. Leading IT giants and service providers have designed and developed solutions that enable organizations to track and identify fraudulent activities, large sales volumes, abnormally high discounts and low prices through real-time online monitoring. Further, by exercising stringent measures, organizations can also shut down illegal operations. The creation of updated reports provides genuine manufacturers visibility to identify products targeted by counterfeiters for grey market sales.
Further these enhanced SaaS based software’s provide end-to-end anti-fraud solutions that helps organizations detect fraudsters. The advanced search options reaches beyond the access point of traditional systems and helps to monitor Internet regularly and understand the operational methodology of fraudsters and counterfeiters. Further, tightening the value network with structured enterprise risk management solutions will facilitate enterprise to recapture lost revenues and market share.
Read More About: Anti-Counterfeiting, Brand Protection
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