Key Takeaways:
- Web intelligence provider Oxylabs addresses the increasing threat of online fraud by offering proactive solutions to safeguard businesses and mitigate risks.
- Counterfeit product sales, intellectual property theft, email fraud, and data breaches are among the most common types of online fraud faced by businesses.
- Oxylabs emphasizes the importance of custom web crawling solutions and the use of proxies to detect and combat fraudulent activities effectively.
The Rising Threat of Online Fraud
As cases of online fraud continue to escalate, businesses face significant risks from counterfeiting merchandise sales, data breaches, and email phishing attempts. The need for effective strategies to combat fraudulent activities and prevent these crimes has become paramount. Andrius Palionis, VP of Enterprise Solutions at Oxylabs, sheds light on some of the most prevalent types of online fraud and provides solutions to tackle these threats head-on.
Counterfeit Product Sales and Intellectual Property Theft
Illegally branded goods now represent a staggering 3.3% of global trade, according to a report by the Organisation for Economic Co-operation and Development. Palionis emphasizes the urgency of fighting against this issue, considering it the largest criminal enterprise globally, generating an estimated £1.7-4.5 trillion annually.
To address this challenge, Palionis suggests the use of custom web crawling solutions to scan marketplaces for suspicious listings. These solutions enable companies to gather evidence and take appropriate action against illegitimate sellers. Leveraging both residential and datacenter proxies maximizes success while minimizing costs.
Email Fraud
Email fraud, particularly deceptive emails impersonating managers to request fund transfers, has led to significant financial losses. The US FBI reported damages of £1.8 billion resulting from this type of fraud over a three-year period.
Palionis recommends a two-pronged approach to combat email fraud. Firstly, educating employees about email fraud and fostering awareness is crucial. Secondly, implementing email protection protocols can shield businesses from phishing attacks. These protocols employ internal scrapers to scan incoming and outgoing emails, verifying links and monitoring attachments. By doing so, businesses enhance their protection against coordinated attacks targeting entire companies.
Data Breaches
Data breaches that expose sensitive information can have devastating consequences, including substantial financial costs and irreparable damage to a company’s reputation. In 2021, the average total cost of data breaches rose to a record high of £3.23 million, according to a recent IBM report.
To minimize the impact of data breaches, Palionis suggests that cybersecurity companies utilize web crawlers to monitor websites, detect leaks, and issue timely alerts. Residential proxies provide a diverse range of IP addresses, allowing crawlers to access critical data while evading detection. In cases where geo-location restrictions are absent, datacenter proxies can be employed. A combination of both types of proxies offers an efficient and cost-effective solution.
Proactive Measures for Combatting Online Fraud
Palionis concludes by emphasizing that staying ahead of online fraud is possible with proactive measures. By leveraging advanced technologies and strategies, businesses can protect themselves and their customers from the ever-evolving landscape of online threats.
In the fight against online fraud, Oxylabs plays a crucial role. Established in 2015, Oxylabs is a premium proxy and web intelligence acquisition solution provider. Their innovative approach, large patent portfolio, and commitment to ethics have made them a global leader in the data acquisition industry. The company has forged close ties with dozens of Fortune Global 500 companies, enabling businesses of all sizes to harness the power of big data.
By offering custom web crawling solutions and advocating the use of proxies, Oxylabs equips businesses with the tools they need to combat online fraud effectively. In recognition of their growth and contribution to the industry, Oxylabs was named the fastest-growing public data gathering solutions company in Europe in the Financial Times’ FT 1000 list for 2022 and 2023.
In the face of an ever-evolving landscape of online threats, it is imperative for businesses to adopt proactive measures and leverage advanced technologies to protect themselves and their customers. With Oxylabs as a trusted partner, businesses can navigate the complexities of online fraud and safeguard their operations in an increasingly digital world.
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