Arkose Labs for P2P Marketplaces

As in-person transactions declined through the pandemic, people around the world resorted to online shopping to reduce their exposure. Not only did e-commerce platforms boom during the pandemic, but online P2P marketplaces saw an uptick in activity as well with people finally having the time to purge unwanted goods, seek unique items for home projects, and line their pockets a little extra during hard times like these. Unfortunately, fraudsters saw this as an opportunity to line their pockets as well which ultimately hurt marketplace brand reputation and left companies with hefty repayment costs.

In order to uphold the integrity of the platform, P2P marketplaces are aiming to get ahead of scams that continue to occur, especially during the payment transaction flow. These scams are typically led by human fraudsters trying to come across as genuine users, making them difficult to catch. Online marketplaces bear the responsibility of protecting their users and providing the safest, most regulated way to buy and sell goods. Scams like selling broken items at full price, demand for advanced payment, and even SIM swaps ultimately fall on the company’s shoulders, leaving them with high repayment costs. To prevent customers from falling victim to proliferating attacks, marketplaces need an effective solution to detect scams before they happen and prevent them from returning in the long-term.