Cyber ​​​​attacks or hacking could be one of the main threats to the growth of online commerce in Ecuador.

Fraudulent appropriation through electronic means is one of the most frequently reported computer crimes in the Prosecutor’s Office.

The number of registered cases dropped from 1,704 in 2019 to 2,229, 5,178 and 3,112 in 2020, 2021 and 2022, respectively.

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Between January and June this year, there are already some 1,488 complaints due to fraudulent misappropriation by electronic means.

So there is still mistrust in online transactions.

Research shows that it is 73% of Ecuadorians feel more comfortable using a payment method that does not require them to share their financial information with merchants when shopping online.

The danger of leaking financial information, such as credit and debit card numbers, is latent.

During the Sixth Conference on Banking Security it was indicated that Ecuador is the fourth country in Latin America with the highest number of cyberattacks, 84 per minute during 2022..

Data from research conducted by Paysafe, a world leader in payment solutions, regarding online payments and cyber security in Ecuador, shows that 42% of respondents stated that it is necessary to have a second verification stepsuch as receiving a text message ia 24% stated that it is most optimal to have several security measuresalthough this reduces the convenience of paying online.

“Cyber ​​security is becoming a key element to ensure the continued growth of the technology industry in Ecuador. E-commerce platforms that offer their users more security when paying will have a clear advantage over the competition,” says Gustavo Ruiz Moya, President of Paysafe in Latin America.

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In a survey conducted by Paysafe, a 72% of respondents agreed that “some risk of fraud is unavoidable when shopping online”.

The older people are, the more distrust they have in using the Internet to make transactions.

Half of so-called centenarians (those between the ages of 18 and 24) said they feel more comfortable using a payment method that doesn’t require them to share their financial information with merchants when shopping online.

While 64% of Generation X (those aged 45-54) agreed with that statement.

“We understand that this is largely due to the fact that centenarians are digital natives, having grown up using technology in their daily lives. This gives them greater familiarity and confidence in using digital payment systems.“, concludes the president of Paysafe in Latin America.

According to the data provided by Asobanca, out of the total number of reported digital transactions, close to 920 million per year, the claims of Ecuadorians regarding cybersecurity do not even reach 1% of the total number. Thus, in 2022, a total of only 2,500 requests were submitted.

Although there is still no clear trend in relation to whether cyberattacks are increasing or decreasing in the country, we can conclude that cyberattacks are a potential obstacle to the growth of online payments and online commerce, according to the Paysafe newsletter.

“This makes it critical that e-commerce companies continue to operate with the necessary tools to deal with cyber threats,” he concludes.

Cyber ​​security is key to the growth of online commerce in Ecuador, according to Paysafe

Internet trade companies must guarantee their users minimum standards for the protection of their data, the statement added.