ThreatMetrix, a service provider that helps companies stop web fraud and accelerate e-commerce, has identified five channels prone to online fraud during the back to school season.
Historically the back-to-school season represents one of the largest shopping surges in the US, and 2011 looks to be no different. According to the National Retail Federation, this back-to-school season will produce approximately $68 billion by consumer spending on books, apparel, paper, pencils, backpacks, and other school supplies.
Internet Retailer cites that 31.7% of consumers are buying supplies through the internet for K-12 students, as opposed to 30.8% last year. For college purchases, the number of consumers buying online will be even greater that the K-12 crowd at 33.4%, up from 28.6% in 2010.
Five Channels of Online Fraud for the Back-to-School Season
- Online Purchases
- Online Book Rentals
- Banking
- Social Media
- Gaming
Online merchants across a plethora of industries can address these issues of fraud in preparation for one of the busiest buying seasons of the year. “Merchants must leverage smarter fraud prevention technology in order to differentiate between the good and bad buyers,” said Alisdair Faulkner, Chief Products Officer of Threat Metrix.
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