The total cost of eCommerce fraud to merchants will exceed $48 billion globally in 2023, from just over $41 billion in 2022, a new study by Juniper Research has shown.
The study predicted that this growth will be accelerated by the increasing use of alternative payment methods, such as digital wallets and BNPL (Buy-Now-Pay-Later), which are creating new fraud risks.
The report recommended that fraud prevention vendors focus on building platforms providing AI-powered risk-based scoring, which can be payment method agnostic, to best suit changing market conditions.
Online payment fraud includes losses across the sales of digital goods, physical goods, money transfer transactions and banking, as well as purchases like airline ticketing. Fraudster attacks can include phishing, business email compromises and socially engineered fraud.
The research identified North America as having the largest fraudulent transaction value of any regional market, accounting for over 42% of global fraud by value in 2023, despite representing less than 7% of banked individuals globally. The research cited the vast volume of data breaches and the broad availability of stolen credit card information as the key risk factors in this market.
Research author Nick Maynard explained: “To combat this fraud, eCommerce merchants must implement simple steps such as address verification, combined with risk-based scoring on transactions, which will allow merchants to best mitigate the massive fraud threats present.”
BNPL Fraud – A Major Risk
Additionally, the research found that the potential of fraud with BNPL is a major risk going forward. Given the delayed nature of BNPL payments, fraudsters can make several illegitimate payments using stolen card details before the fraudulent activity is identified, creating significant risk. In turn, the research recommended that BNPL vendors conduct robust identity verification at the point of onboarding to mitigate these risks.
Xiaomi Launches Black Friday Sale With Discounts and Extra Gifts on Smartphones
Xiaomi gives discount of N5,000 on every purchase of its smartphone
Mobile phone maker, Xiaomi has lined up good discounts and extra gifts to thrill its customers during black Friday sales.
The company which is also into consumer electronics noted that it’s back Friday sale will run between November 18th to November 30th, 2022.
Apart from a flat discount of N5,000 on every purchase of its smartphone, customers can also win amazing gift prizes which include refrigerators, Xiaomi luggage, Redmi Bud 3 earbuds.
A star winner who will go home with an N3 million cash prize will also emerge through a raffle draw on January 10th, 2023.
Investors King understands that Black Friday is an opportunity to buy the product you desire either smartphones, groceries, or any type of electronic at a very good price. It is celebrated virtually around the world.
Black Friday which followed “thanksgiven day” in the United States is largely regarded as a day or season to say thank you for being with us this far.
While amazing discounts are being offered on several products, a number of top brands especially electronic and smartphone-making companies do use black Friday to say thank you to their customers.
Some of the platforms where you can get an amazing offer in Nigeria during this black Friday season include Jumia and Konga.
You can check the filing articles for amazing offers that both Jumia and Konga offer during this year’s black Friday.
On Xiaomi’s black Friday for instance, when a customer buys Redmi Note 11 or Redmi Note 11S, he will get a discount of N5,000 and Xiaomi in-ear headphones. Similarly, Redmi Note 11 Pro or Redmi Note 11 Pro+ 5G comes with a 10000mAh power bank.
Interestingly, Xiaomi noted in a statement that the offer is open to all new and old customers while customers can enjoy the amazing offer by visiting any of Xiaomi’s retail stores nationwide or at Essence House, Computer Village Ikeja.
Konga Kickstarts Black Friday “Yakata” With 90% Discounts on Rice, Cooking Oil, and Mobile Phones
E-Commerce giant, Konga has begun its discounted sale with up to 90 percent off on some house need products which include rice and cooking oil. The sale which is already witnessing a high volume of patronage is tagged “Friday Yakata”
Other products available for grabs at a very good price on the Konga platform include mobile phones of different brands, Laptops, TV sets, Refrigerators, Air conditioners, and Washing machines.
At exactly 12 midnight every day till 12th of December, Konga will stage one of its much anticipated events, “Teasure Hunt”. Investors King learnt.
Treasure Hunt gives lucky buyers the opportunity to purchase products with up to 90 percent off them.
Other lined-up events for Friday “Yakata” include Flash Sale and Cyber Monday.
Additionally, Konga also partners with MedDirect to provide a 10 percent discount on all medicine which will be delivered free to anywhere in Nigeria.
Another way to benefit from the “Yakata” season is to use Konga Pay which comes with a 5 percent discount on any shopping basket above N100,000.
A statement released by the e-commerce platform noted that back Friday “Yakata” is regarded as the biggest sale of the year in the annual shopping calendar in Nigeria.
According to the company’s head of marketing, Anthony Nwabuisi, Konga has seen improved patronage on its platform since the beginning of this year despite the prevailing economic challenges both in the domestic and international markets.
‘‘It has been an impressive start to this year’s edition of Konga Yakata for us. Despite the undeniably harsh economic conditions, general buying sentiments are way above expectations,” he said.
Also speaking on the importance of the Konga Friday Yakata, Nwabuisi stated that Konga has a 50 percent discount on virtually all meals ordered on the platform.
He added that shoppers can also get the advantage of free delivery or buy-one-get-one-free in select restaurants.
Conclusively, Konga’s platform can easily be used by downloading the application or navigating through the website at Konga.com.
How to Enjoy Discounted Price on Jumia Black Friday Sales
Jumia consumers receive significant discounts on a variety of products across various categories from top international and local brands.
Jumia, an African e-commerce platform, has announced that on its Black Friday shopping event in 2022, consumers in Nigeria will receive significant discounts on a variety of products across various categories from top international and local brands.
Customers are urged to download the Jumia App to take advantage of the deals in order to take advantage of this fantastic opportunity during the Jumia Black Friday Sales. This indicates that downloading the app is the only prerequisite for taking advantage of the Jumia Black Friday Sales.
Treasure Hunts, Brand Days, Daily Check-Ins, Flash Sales, and Jumia Games are among the anticipated campaign elements that will give customers the chance to win exciting prizes and further savings on a variety of goods.
The campaign, which will end on November 27, 2022, will feature JumiaPay incentives, offers exclusively for Jumia Prime members, and free shipping on a variety of products for customers in Lagos, Abuja, and Ibadan.
Massimiliano Spalazzi, Chief Executive Officer of Jumia Nigeria, stated that the “Beat Sapa” campaign for 2022 is intended to support SMEs and brands in reaching millions of consumers while assisting consumers in navigating the current economic realities.
He said: “The Jumia Black Friday campaign is another opportunity for us to enrich the shopping experience of our consumers. With the current economic situation, it is important to ensure that consumers can still shop for their needs at the best prices. This 9th edition is set to provide this, and we are happy to have partnered with the biggest household brands and SMEs. We are encouraging our consumers to take advantage of this campaign and “Beat Sapa” with Jumia.
According to him, Adidas is the Platinum sponsor for this year’s Jumia Black Friday, and Nivea, Xiaomi, Oraimo, and Guinness are Gold sponsors.
Consumers can anticipate receiving flash sales on specific products, free shipping from brands, daily games, offers specifically for prime members, and discounts for JumiaPay, among other things. Consumers can also expect to pay significantly lower prices, according to what Investor Kings gathered.
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