Frauds in E-Commerce
Abrar Ahammed Bhuiyan
It is no surprise that in an increasingly digital world, e-commerce has gained momentum in the pandemic. In fact, e-commerce revenue has been growing consistently since 2014. In Bangladesh, this burgeoning landscape began its trajectory from around 2013. According to the latest data from Statista, Bangladesh had an e-commerce market of 1648 million USD in 2019. It is estimated that in 2023 we will have a market size of nearly 3077 million USD. Due to the Covid-19 outbreak, the world has seen a rapid surge in digital transactions. But with the increased online transactions, another concern also emerges - fraudulence in the digital market arena. Perpetrators have always participated in wrongdoings in any market, and e-commerce is not an exception.
More than 11.48% of customers were deceived in 2020 from various e-commerce and Facebook commerce (f-commerce) websites. The number was 7.44% in 2019. This data is revealed in “Cyber Crime Trend in Bangladesh 2020”, the annual research report of Cyber Crime Awareness Foundation (CCA Foundation).
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