Sift releases tool to better track changes in e-commerce fraud during the coronavirus pandemic

Anti-fraud company Sift has released its COVID-19 and E-Commerce Fraud Tracker tool to help companies be better prepared for online attacks.

The tool will offer a weekly update of changes in e-commerce and fraud during the pandemic.

Sift has found that the rate of attempted payment fraud has increased by around 50% since early January.

It also found that the amount of people ordering groceries online to be picked up in-store has increased by 29%. Worryingly, fraud rates have also dramatically increased by 68%.

The RegTech platform has released the new tool to help businesses better monitor change in customer behaviours and fraud activity.

Sift CEO Jason Tan said “Since the beginning of the global pandemic, we’ve seen one of the fastest and most dramatic shifts in consumer behaviour in modern history.

“And while we don’t yet know all of the consequences of these changes, one unfortunate truth is clear: bad actors are looking to take advantage of the crisis in order to steal from consumers and businesses. By paying attention to the trends in our E-Commerce Fraud Tracker and following best practices, merchants can fight fraud and protect their revenues during these turbulent times.”

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