Are you worried about online fraud? If so then one of the
main kinds you should watch out is online shopping fraud. However, it all
starts with knowing exactly what it is. That will give you the know-how for
spotting it.
These are online shopping scams that are based on the
Internet’s anonymity. As online shopping grows Internet shopping fraud has also
increased. It’s important to note that the fraud takes several forms. Many
people automatically think about credit card fraud, but there are several types
of online shopping fraud. Here are some of them:
●
Sellers don’t receive payment
●
Buyers get products that are the ones advertised
●
Buyers get products late
●
Sellers don’t provide important terms of sale
issues
●
Buyers get products different than the ones
advertised
It’s important to note that these issues can involve both
buyers and sellers. If you become a victim of online fraud, the main problem
you have to deal with returns the goods to get a refund. That’s because in the case of online shopping fraud you’re not dealing with a legit seller. The
company might refuse to provide a refund/exchange, or in some cases, you can’t
receive one because the company itself is phony.
Another serious problem related to
web shopping scams is the issue of identity theft. There’s a chance that your
personal information details could be compromised. That could be a major issue
as the perpetrators could pose as you and force people to send them money in
your name.
Fraudsters could also use your financial accounts to get
products/services using your accounts. In fact, this activity involving online
shopping fraud could result in the scammers wiping out your
checking/savings/debit account or even maxing out your credit card.
It’s unfortunate, but web shopping scams are big business
in several countries including the USA. The good news is that the
tech/financial worlds are fighting back with better security technologies in an
attempt to protect their customers from online shopping fraud. However, credit
card theft, in particular, remains a big problem.
In fact, experts believe that by 2018 it will result in
over $1billion in losses to companies in the US alone. There are various reasons why it continues to
be an issue in the US and other nations. They include fake Internet stores,
fraudulent web retail shops, and rogue seller scams.
Another big issue is online auction scams. These scams
involve popular online auction sites. The scammers contact the users of various
well-known auction sites. They run the
fraud by tricking victims into believing they’ve won an auction. They then convince the online victims to send
cash through cash remittance or money orders to receive the auctioned item.
The scammers use a wide variety of methods to run their
scams. They include social media, email, malware, phishing, and others. It’s
important to know how to spot the scams as it could prevent you from becoming a
victim.
As online shopping fraud becomes more popular it’s
important to know what to look for and how to fight back.
