It seems as though it’s not just businesses falling victim to fraud. New data from fraud tracker ShieldPay reveals that almost half (47%) of people who have sold an item or service online have also fallen victim to fraud.
Research undertaken by Censuswide on behalf of Shieldpay shows that:
- Nearly half (47%) of people who’ve sold an item or service online have been defrauded by a buyer.
- Average seller loses £2,054
- Just 19% of people believe online marketplaces offer enough protection for sellers.
This totals 7.5 million people in the UK and the financial impact is not to be underestimated; the average amount lost to fraudsters is £2,054, with 10% of sellers defrauded by more than £5,000.
While men and women are equally likely to fall victim, it’s women who take a greater financial hit, losing an average of £544 more than men.
Looking at the tactics that fraudsters employ, one in five (18%) sellers have been forced to give the buyer a refund after they said they never received the item, 13% of sellers had to refund buyers who stated that the product or service wasn’t what they expected and one in ten (11%) were defrauded by a buyer who said the items were damaged in the post.
A further 8% of sellers weren’t fully paid for the work they completed and 7% had buyers threatening to post a bad review online if they didn’t pay them money or do additional work.
Tom Clementson, Director of Consumer and SMB at Shieldpay, said: “From cardigans to cars, e-commerce sites and apps have risen in popularity and opened up the world of buying and selling to millions more people.
“However, this doesn’t come without risk. While buyer fraud is well documented it’s clear that seller fraud also impacts millions of people. People should feel confident when selling items or services online and not have to worry they will be short-changed by buyers looking to pull a fast one.
“While sellers need to take some responsibility, greater protection must be put in place to safeguard sellers online. The adoption of increasingly sophisticated technology is one solution that can help eliminate the risk.”
Enterprise Internet of Things (IoT) remains the leading segment, accounting for more than half of the market, with mobile/computing at just over a quarter, according to the analysis. The Global Connected and IoT Device Forecast Update report predicts, however, that the home market will be the fastest-growing segment over the coming years, driven by further rapid growth in smart home adoption, particularly in as-yet untapped regions.
The report concludes that the IoT revenue opportunity remains uncertain, particularly for service providers, and that companies looking to benefit from the IoT should give most consideration to which target segments, business activities and revenue models they should prioritise. Advertisement Internet of Things: What You Need to Know About IoT, Big Data, Predictive Analytics, Artificial Intelligence, Machine Learning, Cybersecurity, Business Intelligence, Augmented Reality and Our Futureamazon uk 50 billion devices by 2030 The report predicts that 38.6 billion devices will be connected by 2025, and 50 billion by 2030.
Some segments, such as connected computing devices, will see low growth or decline, while others, such as media devices, will continue to expand steadily. Growth rates for wearable devices and connected vehicles are predicted to remain positive, although volumes will be modest relative to other segments.
David Mercer, Principal Analyst at Strategy Analytics and author of the report, commented, “Service providers may look at the vast scale of the internet of things and assume that revenues will automatically flow in their direction. It remains to be seen precisely which applications and services will drive revenue growth, and how much. Furthermore, more research is needed to understand how this ecosystem will evolve to meet the needs of tomorrow’s consumers.”