As the busiest shopping season of the year approaches, online retailers are making sure everything is in place to give the stressed and sleep-deprived online shoppers a joyful and seamless shopping experience.
ComScore Inc. says $18.9 billion has already been spent online since the beginning of November, which is an increase of 14 percent compared to last year. In total, the online spending in the 2013 holiday season is expected to reach $55.2 billion, including $7.1 billion in online sales from mobile and tablet devices.
However, online retailers have to watch out for scams and fraudsters eating into their profits. Online fraud cost e-retailers $3.5 billion in 2012. According to CyberSource’s annual report, an average percentage of online revenue lost to fraud was 0.9% last year. Mobile commerce seems to be especially vulnerable towards scams as it showed an even higher 2012 rate of revenue lost to fraud (1.4%).
The report explains “mobile devices are subject to many of the same threats that hit PCs, including malicious software, or malware, that can enter a device through e-mail or other means and steal credit card account data and other confidential information.”
Why would you risk losing a big chunk of your holiday season profits? The solution lies in using technological advances to determine whether your customer is real. As of March 2013, 22.74% of the top 1 million sites on the Internet used Social Login as their preferred way to register users. Big names such as Bing, The Huffington Post, The New York Times and Pinterest rely on Social Login to create a smooth social signup process and keep those users engaged. Therefore, a social verification tool that would help you determine whether or not a social network account is real would be an efficient way to weed out fake phony customers.
TruDetect helps you determine which registrations are legitimate so you know whether you are dealing with a real customer or not. If your site or online community allows registration using Social Login, TruDetect’s patented algorithms will analyze all of the registered social accounts on your site and provide a score. This score will help you determine the legitimacy of any account.
Don’t share your online sales profits with scammers and fraudsters - Detect fake accounts simply and easily with TruDetect