Fraud in retail on the rise with Web-based platforms

Managing online retail outlets is difficult, especially with the number of ways that Web-based media can be infiltrated by cybercriminals. In some cases, even slight online breaches can cause disruptions in the continuity of a clothing outlet. According to the Manchester Evening News, Quarters, a retailer that deals in high-quality clothing, lost thousands of dollars after cybercriminals targeted the merchant's supplier.

By hacking into the firm's contact email in Bangladesh, where the clothing is manufactured, the cybercriminals were able to swindle more than $25,110 out of the shop's owners by simply asking for it.

"I had no reason to know that the email from the factory in Bangladesh was fraudulent," Judy Cunliffe, director of Quarters, told the news provider. "I am in touch with the factory owner virtually every day by email, and his email address had not changed."

According to the Daily Express, Internet fraud as it relates to retail is increasing. Although accounts payable audits are capable of tracking suspicious activity, companies should be aware of the risks  this holiday season when they're preparing their wares online. The source reported that updating Internet security measures is helpful in preventing Web-based attacks.

Leave a Reply

Your email address will not be published. Required fields are marked *

Prove You're Human * Time limit is exhausted. Please reload the CAPTCHA.