Report: Denmark Safest Country for E-Commerce, Indonesia Most Fraudulent
May 28, 2015
Western Europe, and more specifically, Scandinavian countries, enjoy some of the lowest fraud rates in the world, according to a recent study undertaken by antifraud technology provider Forter. The Israeli company looked at more than one million online transactions that crossed its network in 2014 and identified the countries where fraud was most and least likely to occur. The top five countries where e-commerce fraud was most likely, according to Forter, were Indonesia, Venezuela, South Africa, Brazil and Romania. The least fraudulent countries were Denmark, New Zealand, Finland, Norway and Switzerland. Switzerland was the only country in the top five least fraudulent countries to also appear in the list of countries with the highest average cart (it placed fifth on that list as well).
“Not all countries are created equal when it comes to fraud, and understanding both the specific differences and the reasons behind them, as well as the trends that those represent, is enormously valuable in enabling merchants to plan both business growth and fraud prevention as parts in one unified whole,” said Forter’s Shoshana Maraney in a post on the company’s corporate blog. “The research has brought to light some interesting patterns that retailers would do well to bear in mind going forward. For one thing, it illustrates clearly the differences between locations when it comes to fraud—and the danger of relying on general assumptions. For example, Europe shows well when it comes to fraud rates, coming in under the average, and four of the five least fraudulent countries are European. That said, one of the countries in the five most fraudulent countries is Romania, located in Europe! Precise information is key; assumptions won’t be enough for accuracy.”