E-commerce Growth Accompanied by Rising Cybersecurity Threats
/ 4 min read
Quick take - The e-commerce market is experiencing substantial growth, with online retail sales in the U.S. reaching 57% of total sales in early 2024, while simultaneously facing increasing cybersecurity threats, including a significant rise in phishing attacks and fraudulent schemes targeting consumers during peak shopping seasons.
Fast Facts
- The U.S. e-commerce market saw online retail sales reach 57% of total sales in Q1 2024, with a projected 9.8% increase in sales for 2023.
- In Europe, 72% of individuals aged 16 to 74 engaged in online shopping, reflecting consistent annual growth in e-commerce.
- Global e-commerce sales are expected to hit $6.9 trillion by the end of 2024, but the sector faces rising cybersecurity threats.
- Kaspersky reported over 38 million phishing attacks targeting online shoppers and banking services from January to October 2024, with a significant increase in phishing attempts compared to the previous year.
- Consumers are advised to adopt stronger security measures, such as two-factor authentication, to protect against cyber threats, especially during peak shopping seasons like Black Friday.
E-Commerce Market Growth and Cybersecurity Threats
Significant Growth in E-Commerce
The e-commerce market is experiencing significant growth, with online retail sales in the United States accounting for 57% of total sales in the first quarter of 2024. Projections indicate an expected increase of 9.8% in sales over the course of 2023. In Europe, online shopping engagement is notably high, with 72% of individuals aged 16 to 74 participating in online purchases. This trend shows consistent annual growth. Global e-commerce sales are anticipated to reach $6.9 trillion by the end of 2024, as reported by eMarketer.
Cybersecurity Threats in E-Commerce
Amidst this growth, cybersecurity threats targeting the e-commerce sector have come under scrutiny. Kaspersky, a leading cybersecurity firm, has conducted an analysis of shopping-related cyber threats, particularly during peak shopping seasons such as Black Friday. Their report highlights the methods employed by cybercriminals to exploit consumer demand, including the widespread theft of personal data and funds, as well as the distribution of malware.
Kaspersky’s analysis, which spanned from January to October 2024, revealed alarming statistics. Over 38 million phishing attacks aimed at online store users, payment systems, and banks were identified. Notably, 44.41% of these phishing attempts targeted banking service users. The firm also recorded 198,000 spam messages themed around Black Friday in early November 2024. Additionally, more than 13 million attacks related to banking trojans were documented.
Consumer Vigilance and Security Measures
The report underscores the prevalence of credit card data and shopping accounts available on the dark web, with sellers often offering these stolen credentials at prices comparable to legitimate retail offerings. Phishing scams remain a significant threat, as fraudsters create counterfeit websites and emails that closely resemble those of legitimate retailers. Kaspersky’s technologies successfully blocked over 38 million phishing link access attempts from January to October 2024, marking a 24.9% increase compared to the previous year.
The distribution of these phishing attempts was as follows: 44.41% targeted banking services, 18.01% mimicked payment systems, and 37.5% impersonated e-commerce platforms. Black Friday scams have predominantly spread through social media, search engine advertisements, and mass email campaigns, with scammers impersonating major retailers to entice victims with exclusive discounts. These fraudulent communications often lead to links directing consumers to fake online stores, resulting in financial losses.
In the Asia-Pacific (APAC) region, local shopping events like Singles’ Day (November 11) have also been exploited by scammers, who employ tailored phishing campaigns. The emergence of malicious campaigns featuring fake mobile shopping applications that mimic official retailer apps further compounds the problem. Despite a decline in PC banking trojan attacks, with figures dropping to 13.3 million in 2024 from 18 million in 2023, cybercriminals continue to sell stolen data on dark web forums, often in bulk.
The report concludes by emphasizing that Black Friday remains a prime opportunity for cybercriminals, highlighting the various threats that consumers and businesses face. In light of these findings, consumers are urged to remain vigilant during peak shopping periods and adopt stronger security measures, such as two-factor authentication and secure payment options, to protect themselves against potential cyber threats.
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