Preventing Online Fraud with CATCHA During Black Friday and Cyber Monday Sales
Black Friday and Cyber Monday are two annual shopping bonanzas where shoppers can grab the best bargains, with stores enjoying one of their highest footfalls of the year. Before technology fell upon society, it was simpler for shoppers to travel to their nearest high street, pick out products, pay in cash, and take them home.
Today, the world of e-commerce is upon us, and shoppers are going down the easier route of shopping for bargains online. With technology comes uncertainty, and security has always been a concern for e-commerce. A recent study projects that e-commerce retailers could lose over $20 billion to fraudulent activity in 2021. For many e-commerce businesses, fraud trends continue to rise due to a lack of robust cybersecurity procedures.
Black Friday and Cyber Monday are just two examples of e-commerce events that are prey for fraudulent scammers. For example, online users continuously suffer account takeovers, which have increased by 72% this year!
Are you an e-commerce retailer concerned about bots penetrating your website during the shopping rush?
If so, keep reading!
Cybercriminals are preparing themselves to attack every one of your users at any opportunity. So, what's in store for 2021?
Your Account Will Be Taken Over
Account takeover (ATO) is one of the more serious threats in e-commerce today. Another recent survey found that over $5.1 billion was lost in ATO alone and exceeded $25 billion in 2020. Account takeover means cybercriminals take your user credentials and perform unauthorized transactions without you knowing about it. With lots of human traffic expected to peak on Black Friday and Cyber Monday, attackers are difficult to catch in large crowds and can easily be silent users who obtain your credentials. This is what's known as abusive traffic. Without any efficient protection in place, account takeover rates will rise exponentially.
Bots Will Damage Your Black Friday Deals
It may even get to the stage where you'll no longer be able to access a Black Friday retailer's website to begin shopping. This is a form of Denial of Service (DDoS) attack where hackers can bring the website to its knees in exchange for a ransom or simply act as a competitor. With a major sales leap expected, Bots can stop dead your web activity once access is obtained.
You've Selected Your Products, But Can You Pay for Them?
Cart Abandonment is another popular bot threat that prevents shoppers from checking out for the products they want to pay for. Bots may also place numerous orders several times to generate bogus traffic. This is also known as affiliate fraud, where marketers are tricked into believing web traffic is genuine.
How about any purchases you've made that are no longer yours? Scalper bots can damage your experience by taking any of your deals and reselling them very quickly.
This just hits the tip of the iceberg with regards to your protection. So, what can you do about it?
Drop The Tradition and Protect Yourself with The GeeTest Adaptive CAPTCHA
Traditional CAPTCHA security methods just no longer cut it. It creates cognitive challenges for humans to pass visual recognition tasks by reading distorted text and typing the letters into a box before registering their accounts or using online services.
This has significant disadvantages to e-commerce retailers. First, distorted characters that aren't readable, along with ambitious cognitive challenges can cause a reduction in conversion rates, turning users away to other eCommerce competitors.
Also, is this robust and secure enough? No!
Cybercriminals have incorporated CAPTCHA into fraudulent websites to guilt-trip users into buying into their scams. The capability of defending users from sophisticated bot threats requires a safer and robust approach with the incorporation of machine learning technologies.
So, is there a better solution? Yes, there is!
Introducing the Adaptive CAPTCHA from GeeTest. a newly launched AI-powered CAPTCHA in 2021. It has been nearly 9 years since GeeTest developed its first CAPTCHA in 2012.
GeeTest moves away from the standard, outdated, and insecure traditional CAPTCHA's that increase the risks of the evolving fraudulent threats, with a robust and innovated machine learning model designed to self-combat bot threats instantly.
GeeTest moves away from visual recognition challenges and introduces a puzzle game, with data is collected through the machine learning risk engine to distinguish if the user behind the keyboard is a legitimate human. It locates bots through a GeeTest Risk Engine and blocks all access angles in real-time.
Our product can track the level of abusive traffic with integrated biometric classification models, powered by machine learning algorithms to detect non-human traffic. The algorithms automatically learn to identify any emerging attack patterns across more than 320,000 GeeTest protected domains.
With Adaptive CAPTCHA, your valuable and confidential information won't be going anywhere! It is an innovation of security capability and user experience.
Compared with the passive static security strategy of AI-powered CAPTCHA, Adaptive CAPTCHA adopts active and dynamic confrontation, providing 7 layers of protection. The constant change of security strategy disables the bot attackers, which greatly increases their attack cost.
As for user experience, Adaptive CAPTCHA adapts to different online interactions through a modularized dynamic fitting, deeply integrated with enterprises' business scenarios, and meets the demand of security for different enterprises in different industries under different life cycles.
GeeTest's CAPTCHA has been in the market for nearly 9 years, serving leading enterprises from all sectors, and offering nearly 1.5 billion CAPTCHA requests every day. It is compatible with all web browsers to enhance your security whether you access retailer websites through a website application or mobile.