It is commonly assumed that individuals and businesses who adopt the concept of online trading or even shopping will be financially successful by now. As can be seen, it is not that simple. There are a few challenges and risks that all businesses face.

While conducting some online research, I discovered that E-COMMERCE businesses are losing up to $305 billion per year, or even more if frauds go undetected. This figure appeared exaggerated to me at first. However, after delving deeper into the fact files, I was forced to believe these figures.

Few risks involved in such businesses

·        Data breaches can involve any type of data, including confidential and important information.

·        Buyers and sellers lack familiarity.

·        Fraudulent Acts of Fraudsters.

·        Using stolen credit cards or online payment accounts to make purchases leads to cyber theft.

·        Lying about goods/products that were not delivered or were damaged.

·        Phishing Practices.

·        Participate in hacking activities for fun by taking down any service or server.

·        Risk of breach of contract with financial institutions, resulting in account blocking.

·        Server hacking and paid document downloads.

·        When one user pays for the document, the other user receives the download link.

·        Buyers who make a purchase claim that they did not order the goods/products and are partially or completely refunded.

·        Use of various codes to redirect sellers and buyers to websites with the intent of stealing information.

Conclusion

Take the necessary precautions to ensure that your online home is safe from the dangers of the online world. When sharing personal or confidential information over the internet, we must all exercise extreme caution. Our safety is entirely in our own hands. Remember that ignorance is never bliss.