26 October 2021

Patrick Drexler, Nethone, on online fraud

Patrick Drexler, Head of Business Development, Nethone (an ARIA portfolio company), in an interview with Business Reporter, discusses how the COVID-19 pandemic has accelerated online shopping and how the threat of online fraud has increased as a result.

Between May 2020 and May 2021, online purchases increased by 81%. “This was great news for struggling economies, but worrying for those forced to shop online for the first time” Drexler says.

E-commerce already accounts for 19% of all retail sales. Unaware of the risks, new online consumers have become the perfect target for fraudsters. “The number of phishing sites tripled between January and March 2020” notes an expert. According to Google, two million of them were active! It represents a 19% increase compared to 2019.

So what should sellers do? Bet on education and protecting payment methods.

Read full article.