Jun
28

New report shows jewelry sector favorite for scammers

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Rapaport posted an article¬†claiming that over 13% of online transactions resulted in fraudulent payments. This is a real issue for online retailers. The increase in the number of online retailers an the explosion of online purchase vs in store sales has led to some to enforce strong identification policy. This increases the burden on the purchase and can potentially be a barrier to some consumers. The traditional secrecy surrounding the industry is further hampering the fraud protection. “In addition, because there is strong competition in the industry for high-value clients, merchants are reluctant to share information about their customers and transactions, which hampers their ability to use advanced fraud-protection tools, the company explained.”

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