Background of Ecommerce frauds in India
With the advent of the internet, many aspects of life have become fully or semi-automated. Shopping online is no different. With just a few clicks, users can send their money to virtually anywhere in the world for nearly any product. Items as simple as pens and paperclips, to luxury cars and even homes are bought and sold online. The simplicity and ease make this an attractive offers for consumers, especially in their busy lifestyles. There are drawbacks to online shopping with the most notable being the exposure to fraud. Many types of fraud surround the online shopping industry, and being knowledgeable about them is the first step to prevent yourself from falling victim to these schemes.
Types of Ecommerce frauds in India
One type of online fraud is overcharging. Certain companies will put additional charges in the fine print of your checkout statement, and others just steal a one-time or multiple payments without your consent. To prevent this it is always a good idea to make sure you are buying from a trusted site.
Related to trusted sites, is phishing. Some online websites may look like a reputable or even well-known brand or corporation, but the URL may tell a different story. Many phishing websites are set up to look like a shopping website consumers trust, and instead just store all the data inputted for the perpetrators later uses.
With phishing comes identity theft. Many people input their information on websites they trust, but this information is not always secure. It is especially dangerous when using credit cards with an unknown site. These websites will then have all the available information they need to open up a new card, or take out a loan using your identity.
Besides the technological aspect of fraud, physical fraud is also committed. When buying from websites, consumers may think they are getting a good deal on a product that is normally relatively expensive. These sales from reputable websites can often be misleading.
Certain websites allow anybody to sell products on, which creates a market for fake and bootleg products. It is important to check the history of the seller and read all the details to ensure the product is actually the brand name product you originally intended to buy. A good rule of thumb is that if it’s too good to be true, it usually is. Designer headphones, purses, and watches will always cost around retail price online, and the fake or bootleg products will be considerably cheaper with sellers mostly originating in China.
One final thing to watch out for when it comes to ecommerce is refund and return policies. Many sites that allow their users to sell goods have a process of refunding buyers who receive broken or defective products but not all do. It is important to ensure that what you are buying is fully backed by either the seller, manufacturer, or retailer. If the items are not backed, broken or defective items could be shipped and there will be nothing you can do about your lost money. Remember to check the integrity of all websites before purchasing and limit which sites have access to your personal data. Following these tips and researching more about them should help you to become a safer online shopper.
Association of Certified Forensic Accounting Professionals (ACFAP) has recently announced its course on the E-commerce Frauds