BOSTON — E-commerce fraud as a percent of sales dollars has been declining across the board, except for two industries, since the first quarter of 2016. However, fraud losses still accounts for billions of dollars and perhaps even more due to transactions declined incorrectly due to fear of fraud.
A report from Pymnts.com and Signifyd, tracking fraud as it relates to online payment and e-commerce, notes that total fraud decreased 34.7% in the first quarter of 2017 from the same period last year.
In addition to the furniture, appliance and home improvements industry, the report reviews seven other industries: alcohol, tobacco and cannabis; apparel; consumer electronics; cosmetics and perfumes; department stores; health, leisure and hobbies; and jewelry and precious metals.
Since early 2016, the report says, e-commerce fraud has been declining in most industries, with the exception of departments stores and jewelry/precious metals. And it is noted that one of the main reasons for the decline is the use of machine learning in fraud prevention solutions.