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Following the FTC’s statement regarding online shopping fraud, Shufti Pro’s CEO Victor Fredung has emphasized the need for fraud prevention solutions during the holiday season.
In October 2021, Federal Trade Commission (FTC) provided insights on “Protecting Consumers From Online Shopping Fraud”. The report highlights that online shopping fraud was the most commonly reported amongst all ages.
“3190 online shopping frauds and 1485 government imposter scams occurred in 2020 and the numbers continued to rise in the first half of 2021”, reported the FTC.
According to Shufti Pro’s Global Identity Fraud Report, biometric and ID document fraud during the holiday season increased at alarming rates in 2020, and is expected to further rise in 2021. The results made it clear that businesses must take additional security measures to prevent such scams.
CEO of Shufti Pro, Victor Fredung addressed the concerns of the FTC and stated,
“Cybercrime has significantly increased this year and to combat the strategically strong perpetrators this holiday season, businesses must follow robust fraud prevention and identity authentication protocols.”
He further emphasized how on-premises identity verification and address verification services help businesses effectively combat online shopping frauds and chargebacks.
Lastly, he added,“Frauds have evolved tremendously in 2020 hence businesses and customers need advanced approaches to fraud prevention”.