E-commerce frauds in India

Impact of Triangulation Fraud on e-commerce stores:

• Chargeback by the credit card owner
• Revenue loss due to products being shipped
• Negative branding

Some of the most effective ways of e-commerce frauds in India prevention as per RBI guidelines:

1. Cross-verify suspicious transactions: Since hackers have access only to cardholders’ data and not to their email address, e-commerce people shall rely on cross-verification emails to sustain such frauds. Do not hesitate to contact your bank if you suspect any kind of suspicious transaction that has nothing to do with the purchase.
2. Regular checks and Data Backup: It may not sound interesting but doing regular security checks for your website is important. Checking faults and vulnerabilities in advance can help one remain rectify the loopholes and keep the updates on points. Data-back up is another mandatory practice that can safeguard one for an expensive fraudulent attack!
3. IP Address Verification: Discover anyone who uses multiple cards from the same address and limit their access to your site. If we opt for IP address verification, online businesses can easily stop their platform from getting misused.
4. Training Employees and educating consumers: Lastly, educating consumers about safe online transactions is very significant. It ensures that they get a secure gateway solution to ensure their transactions are secure and safe. Securing payment methods not only fight against frauds but also build a long-term trust among consumers, thereby building brand loyalty.

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.

What should you do if you or someone you know has been a victim of E-Commerce Fraud?

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.

Conclusion

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.