Introduction
The emergence of electronic marketplaces has led to a new generation of commerce that shows how businesses and consumers operate. Even though these online platforms, such as the Internet, are efficient at offering online transactions, they also have various threats that affect consumers, businesses, and the market (Efraim Turban et al., 2018). In this discussion, I will look at multiple threats involved with electronic marketplaces with appropriate examples.
Cyberattacks are also more likely to happen with e-commerce because it is done digitally. Due to the exchange of large amounts of financial and personal data, online platforms have become the main target for cybercriminals (Scheau et al., 2016). Consumers and businesses around marketplaces are affected by several threats, such as identification theft, financial fraud, and data breaches. For example, the Target data breach in 2013 made hackers expose information for 40 million customers, thus leading to a vulnerability in marketplaces. This target data breach showed that the cyberattack was not only an IT problem but also a business problem since it affected many customers and businesses. Suitable measures such as conducting regular security audits and developing solid passwords must be introduced to enhance safety for businesses and individuals.
Online markets also make it easier to expand business and reach customers worldwide. However, more space makes businesses more appealing to hackers, and the amount of money that could be lost in an attack grows exponentially (Watson, 2023). The bigger size also makes it easier to hide bad things behind many good deals. Cybercriminals take advantage of how hard it is to use huge online markets.
Furthermore, online marketplaces bring together anonymous customers and sellers who never meet in person. This anonymity facilitates misleading tactics such as non-delivery fraud, in which vendors accept payment but never dispatch items. According to the FBI, such online store scams will cost consumers in the United States $53 million in 2021 (FEDERAL BUREAU of INVESTIGATION 2, n.d.). Because of the impersonal character of electronic marketplaces, accountability is lost, which encourages fraud.
Third, electronic marketplaces put privacy at risk because they collect much information about buyers and sellers during deals. Ad networks and data companies are interested in user profiles, browsing histories, payment information, and other private data (Turban et al., 2015). For example, Amazon tracks purchases to recommend products and improve prices. Data mining can improve things for customers but also put privacy at risk. Many people are worried about how their information is shared, used, and kept safe behind the scenes without their permission.
Conclusion
The availability of online markets has helped many businesses and people run their operations more efficiently. Electronic marketplaces allow people worldwide to find and ask about goods that suit their tastes. However, some problems can happen in electronic markets, such as security breaches, unfair competition, and people abusing the system or doing illegal things. For these threats to be lessened, electronic marketplaces must take the right steps, like improving data security, limiting the sale of inappropriate goods, and promoting fair competition. This will create a good space for businesses and individuals to do their work.
References
Efraim Turban, Outland, J., King, D., Jae Kyu Lee, Ting-Peng Liang, & Turban, D. C. (2018). Electronic Commerce 2018: A Managerial and Social Networks Perspective. Springer International Publishing.
FEDERAL BUREAU OF INVESTIGATION 2. (n.d.). https://www.justice.gov/file/1523276/download
Scheau, M. C., Arsene, A.-L., & Dinca, G. (2016). Phishing and E-commerce: An Information Security Management Problem. Journal of Defense Resources Management, 7(1(12)), 129–140. https://doaj.org/article/7a455eb8223b4b7e83f0f7e4ed355965
Turban, E., King, D., Lee, J. K., Liang, T.-P., & Turban, D. C. (2015). E-Commerce Security and Fraud Issues and Protections. Springer Texts in Business and Economics, 457–518. https://doi.org/10.1007/978-3-319-10091-3_10
Watson, R. T. (2023). Electronic commerce: The strategic perspective.
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