A new study by Adobe projects Holiday Ecommerce To Hit Record $107B in 2017; Mobile Will Lead In Visits, based on Adobe’s data which captures an estimated 80% of online transactions from the top 100 US Web retailers. Lisa Baergen, APR, MCC, Marketing Director at NuData Security Inc.commented below.
Lisa Baergen, APR, MCC, Marketing Director at NuData Security Inc.:
Once again, ‘tis the season for fraudsters to up their game in all manner of online fraud. Stolen customer payment card data is truly the ‘gift that keeps on giving’ – after its preliminary use for fraud, it’s re-salable on the Dark Web for recurring revenues. Its value endures – harvested credit card data and credentials can be easily combined with other stolen data to build entirely new synthetic personas for all manner of fraud, long after the 2017 holiday season is over.
The only way to prevent this is to fundamentally, systematically de-value the data that would-be thieves work to harvest, such as through passive biometrics that continuously verifies the users’ online identity by authenticating them based on natural interactions online – behavior that can’t be mimicked or replicated by a third party.
Retailers also need to close the gaps in their e-Commerce infrastructures. It sounds obvious, but merchants need to fully understand the intricacies of their web and mobile properties. Working with many merchants, it is not uncommon to identify an area of the site that may be accessible without proper authentication, or business logic that does not exactly function in a way that is expected. Large e-Commerce companies have many moving parts with many cooks in the kitchen – this can lead to unintended gaps that, in turn, create unnecessary risk for the merchant, consumer and financial institutions.