Over the past few years, the entire world was under lockdown due to the pandemic. Digitalization boomed due to lack of mobility and the restriction imposed by the official authorities on not leaving the house for any reason. It changed the entire mindset, and a new digital world with a rise in e-commerce frauds in India.
During this phase e-commerce websites served as the survival kit for people. In addition to buying groceries and clothes online, it also became a go-to destination for various accessories like medicines, learning kits, bill payments etc. As per, recent reports by government officials, E-commerce has witnessed an order volume growth of 17% as of June 2020 and about 65% growth in single brand e-commerce platforms.
However, it has come into consideration that with the rise in popularity, e-commerce web portals also are experiencing a rise in frauds and other cyber-attacks. E-commerce frauds in India has managed to hack more than 570 e-commerce websites across 55 countries, including India in just three years.
Impact of Triangulation Fraud on e-commerce stores:
Also, it is the employees responsibility to follow security protocols and adhere to strict codes of conduct when administrating and operating various aspects of the e-commerce website to ensure there will be a vigilant and internal check on challenges in advance.
If you or someone you know has been a victim of E-Commerce Fraud, there are solutions for you. SingleDebt’s legal team can help handle the legalities for you. We would also recommend contacting your local police station and informing them of what has happened and try gather as much information as you can as this will significantly help with the investigation. We would also recommend you speaking with your bank and informing them that you have been a victim of fraud online. Finally, we would strongly recommend you report this to the online cybercrime website in your state. For cybercrime in Mumbai, you can file a report on this site https://mumbaipolice.gov.in/CCC Contact SingleDebt on +91 961 910 3594 or fill out the form either on the home page or contact page.
As we all know, e-commerce frauds in India is increasing day by day. It is the responsibility of cybersecurity to ensure that websites are protected from cybercrime by practicing the above-mentioned methods. As a result of lack of knowledge and regular security practices, cyber frauds are on the rise. This is causing heavy losses to the web portal as well as to customers. It is important that e-commerce companies take up the matter of protecting their online platforms with the advanced tools that ensure customer protection as we move forward with virtual transactions.