For many, it comes as no surprise that increased digital adoption has enabled new forms of fraudulent activity as adversaries become increasingly hungry for their next target. With this, fraud continues to be a growing risk for businesses all year long, but especially during a time of economic downturn. According to one report, the total cost of ecommerce fraud to merchants will exceed $48 billion globally in 2023, from just over $41 billion in 2022.Why is this happening? Because fraudsters are becoming more sophisticated and have more opportunities as the ever-growing ecommerce boom drives waves of shoppers online.
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