Core Insights - The report indicates a significant surge in global e-commerce fraud risks, with 15 million risk clues identified in 2025, marking a 226% year-on-year increase, and 1.6 million related accounts captured, up 55% [10][13][11] - The primary regions contributing to these risks are Europe, China, and the United States, which together account for over 70% of global e-commerce fraud clues [15][21] - The operational model of fraud has evolved to a "global channel for lead generation + localized channels for transactions," indicating a sophisticated cross-regional attack chain [17][19] Group 1: Key Trends in E-commerce Fraud - The first trend is the AI-driven "evidence industrialization," where generative AI technology allows for the mass production of identity materials and appeal evidence, significantly increasing the success rate in audits and appeals [11][33] - The second trend is the escalation of logistics fraud risks, which have evolved from simple fulfillment violations to supporting counterfeit sales and malicious refunds through various deceptive practices [12][40] - The third trend involves the humanization of attack resources, where real individuals are engaged in critical processes like registration and appeals, utilizing genuine devices and networks to lower risk detection rates [12][48] Group 2: Attack Lifecycle and Risk Scenarios - E-commerce platforms face a full lifecycle attack system, with seller-side attacks focusing on account acquisition, supply of prohibited goods, and transaction settlements, characterized by process-oriented and scalable features [28][27] - Buyer-side attacks revolve around accounts, platform subsidies, payment, and after-sales rules, aiming to maximize platform subsidies and product value extraction [30][31] - Typical risk scenarios include brand counterfeiting, malicious refunds, marketing arbitrage, and logistics fraud, which are interconnected and form a systemic counteraction [50][51] Group 3: Market Dynamics and Pricing - There is a notable pricing disparity in the black market for seller and buyer accounts, influenced by platform location, merchant tier systems, and operational permissions, with higher prices reflecting greater scarcity and stricter risk controls [19][20] - The black market for e-commerce fraud is characterized by cross-regional attacks, where criminal groups leverage the internet's borderless nature to coordinate activities across different countries [21][23] - The report highlights that fraud tactics are increasingly sophisticated, with black market operations adapting to platform characteristics and consumer behavior to ensure profitability [58][59]