The In-depth 2020 Guide to E-commerce Fraud Detection

It is hard to underestimate the role of E-commerce in a world where most communications happen on the web and our virtual environment is full of advertisements with attractive products and services to buy. Meanwhile, it is obvious that many criminals are trying to take advantage of it, using scams and malware to compromise users' data. The level of E-commerce fraud is high, according to the statistics. With E-commerce sales estimated to reach $630 billion (or more) in 2020, an estimated $16 billion will be lost because of fraud. Amazon accounts for almost a third of all E-commerce deals in the United States; Amazon's sales numbers increase by about 15% to 20% each year. From 2018 to 2019, E-commerce spending increased by 57% -- the third time in U.S. history that the money spent shopping online exceeded the amount of money spent in brick-and-mortar stores. The Crowe UK and Centre for Counter Fraud Studies (CCFS) created Europe's most complete database of information on fraud, with data from more than 1,300 enterprises from almost every economic field.