Why do traders lose money by trading
Swiss online retailers lose more money to fraud
9 out of 10 Swiss online retailers have already been affected by fraud. This was the result of a survey by the Crif business report and the Swiss Mail Order Association (VSV). 46.2 percent of the e-tailers surveyed said that fraud had increased compared to the previous year. That is around 10 percent more than in 2017, according to a statement.
87.1 percent of the survey participants stated that the loss due to online fraud was less than 1 percent of sales. 11.5 percent would have lost 1 to 2 percent of sales and 8.2 percent between 2 to 3 percent. According to the survey, 3.3 percent stated a loss of over 3 percent in relation to sales.
Loss amounts increase
A majority of those surveyed named losses in the past year of less than CHF 5,000. However, the loss amounts between 10,000 and 100,000 francs increased compared to the previous year. For losses between 5,000 and 10,000 francs by 2.1 percent, for losses between 10,000 and 50,000 francs by 1.8 percent. Losses between 50,000 and 100,000 francs would have increased by 1.7 percent.
The most common form of fraud can be found in people who order goods and know in advance that they will not be able to pay for them, writes Crif. This is followed by buyers who buy goods with falsified information. In third place are people who order by stating the identity of another person. In general, attempts at fraud with falsified data or identities have increased significantly compared to 2017.
Tandem of automatic and manual testing
What measures do online retailers take against fraud on the Internet? Over 86 percent of retailers checked suspicious orders manually. 62 percent worked with blacklists and 24.2 percent used fraud filters to combat fraud. In addition to manual verification, other means, such as device fingerprint technology, are increasingly being used.
"A good combination between man and machine has proven itself in fraud prevention," said Daniel Gamma, Head of E-Commerce at Crif, on the survey. "Large online retailers have their own 'fraud prevention teams' and invest in the digital detection of fraud. However, small and medium-sized companies in particular often do not have the resources to carry out all the checks themselves."
Swiss online trading is the focus of the current edition of Netzwoche. You can find all the relevant information here.
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