In Mexico there is a high risk of fraud in e-commerce

Due to the Covid-19 pandemic, three out of four businesses in the world experienced an increase in fraud attempts and revenue fraud rates; the most affected were businesses in Asia Pacific and large and medium-sized companies, as reported by the 2021 Global Fraud Survey conducted by Cybersource and the Merchant Risk Council (MRC).

According to the Survey results, fraud attempts, costs and other fraud management KPIs increased, with the greatest effect during this turbulent year on Asia Pacific and Latin American merchants and midsize businesses.

They explain that businesses allocate more than a third of spending on fraud prevention in e-commerce to cover costs related to order review. Most merchants want to rely less on manual review in the future (either in part or in full).

“Friendly and proof-of-card fraud are now the most common attacks globally, ahead of phishing/pharming and identity theft. Fortunately, most businesses have a formal strategy to combat friendly fraud, such as various notifications to the customer, the implementation of visible policies, and the methods of verifying and reviewing purchase histories,” the survey says.

José María Serrano, CRO and co-founder of DEUNA commented that due to the increase in digital transactions in recent years, Mexico has become the country with the highest risk of fraud in electronic commerce, even over countries such as Brazil and Russia, since The growth of this crime is 72% per year, so it was necessary to offer a service that will revolutionize online purchases, providing protection and security for users.

And the protection of users of electronic commerce is essential, according to the Statista portal, users in Latin America are expected to reach approximately 317 million during 2022; The figure that they predict will grow 13.6% by 2025, which shows that the trend of Latino society to make their purchases online is increasing, he emphasized.

Serrano explained that DEUNA integrates three innovations into a single product: the One-Click Checkout that offers a shopping experience to pay in one step; an orchestrator that integrates the main means of payment (increasing the acceptance of purchases considerably) and an anti-fraud engine designed specifically for electronic commerce.

“The potential that Mexico has in terms of electronic commerce operations is enormous, we propose for businesses: conversion, acceptance of payments and thus prevent Mexico from continuing to be the second country with the most fraud in the region,” he concluded.

patricia.ortega@eleconomista.mx