Internet of Things and Chargebacks

Imagine rigorously following the best practices for ecommerce security, using complex passwords and two-factor authentication for every site you visit…only to be betrayed by your own refrigerator. It’s not that far-fetched—as Internet of Things devices continue to make inroads with consumers, fraudsters are taking a long look at the ways in which these devices can be subverted and hijacked for criminal activity.

Merchants who manufacture, sell, or interface with IoT devices may find themselves facing a rising tide of chargebacks from new and unexpected sources. How do Internet of Things devices open the door to fraud, abuse, and chargebacks?

The global market for IoT devices is expected to grow by more than 10% annually over the next few years. As is often the case with new technologies, first we laugh (“does my dishwasher really need to be connected to the internet?”), then the must-have devices start hitting the market, and before you know it, they’re everywhere.

Full Text:
https://www.chargebackgurus.com/blog/internet-of-things

©Chargeback Gurus 2021
Production: Emily Woodward
Narration: Phil Claffey