As more businesses get accustomed to transacting or conducting business online, there is a proportionate increase in eCommerce scams targeting vulnerable businesses.
These types of scams often involve a business-to-business (B2B) operator, manufacturer or supplier claiming to provide lucrative goods and services at competitive or massively discounted prices, luring businesses to pay upfront, with no intention to deliver.
Roshan Jelal, FNB Commercial Risk says there’s an exponential increase in eCommerce fraudulent scams. As much as digitisation drives efficiencies and streamlines processes, digitisation also presents massive opportunities for cybercriminals to exploit online retailers, businesses and shoppers who are not vigilant to these threats.
Businesses are urged to invest in preventative measures to protect themselves by ensuring that they have conducted the necessary checks prior to paying for goods and services. Payment should only be made once…