According to a poll conducted by Socure Inc., an identity-verification & fraud-detection company, the threat of being scammed by online merchants is a top concern for customers this festive-shopping season.
And buyers are inclined to blame not just the fraudulent merchants, but also the ecommerce platforms that host them. Socure, headquartered in New York, performed its poll between Thanksgiving and Cyber Monday.
Commenting on online shopping this holiday season, 31 percent of the 1,500 buyers polled said their greatest concern is that their purchases will not arrive on time— 24 percent cited merchant fraud while 18 percent suspect they’ll be sold counterfeit merchandise.
Furthermore, 51 percent of those surveyed voiced skepticism about buying products online from unknown vendors, as compared to buying from a recognized local merchant or a brand such as Best Buy, Amazon or Walmart.
Notwithstanding their fears about ecommerce seller fraud this Christmas season, shoppers said they will hold responsible the platform that hosts the fraudulent storefronts for any losses suffered.
When asked whether they would buy again on a marketplace where they purchased a difficult-to-find premium product that turned out to be fake, 70 percent stated they would never. When questioned if they would buy from the marketplace again if the item was never shipped to them because of vendor fraud, 72 percent answered they would not.
Shoppers are clear that they will take the same stance when it comes to low-dollar transactions, with 65 percent indicating they would not buy from a platform again after purchasing a knockoff item worth $5 or less. Another 66 percent stated they would never buy from a marketplace again if the shipment was not delivered as promised.
Overall, 52 percent of shoppers predict more e-commerce fraud this Festive season than in 2020, while 33 percent expect roughly the same amount. When asked why they foresee increased ecommerce fraud this Festive period, 33% noted an increase in online transactions, while 21% highlighted what they believe to be high-risk inside online marketplaces.
Author bio:- Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant service providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.