According to a Wall Street Journal story today, there is a growing problem of hackers attacking Amazon third party seller accounts.
The hackers are gaining access to seller accounts using stolen credentials that are being traded and sold on the dark web.
Once they have access, they change bank deposit information of active sellers. This allows them to steal revenue in the tens of thousands of Dollars per payment cycle.
Another popular hack includes posting the non-existent inventory of products for sale at steep discounts. They then pocket the cash from the sales, but never ship a single product.
“Hacking Amazon is becoming…increasingly a big deal,” said Juozas Kaziuk nas, chief executive of Marketplace Pulse, a business-intelligence firm focused on e-commerce. “The value to be gained is bigger as Amazon grows.”
One example cited in the story is Lightning X. The company had $60,000 disappear from its Amazon account last month.
Amazon did notify the company of suspicious activity. But by the time they logged in and checked, hackers had changed the bank account information.
While the company did not respond to specific seller issues for the article. Some sellers reported Amazon reimbursed them for their loss from stolen credentials.
But the process can be time-consuming and temporarily impact a seller’s standing. A seller will have to provide supporting material to show fraud. All this take valuable time away from running your business.
For buyers, the process is usually far easier. Amazon knows if an item has not shipped or shows as not arrived through tracking. They will refund buyers that are victims of a scam listing.
Amazon did state in the article they are aware of these issues. The company continues to update their security measures to root out these attacks.
As much as Amazon may work in the background to look for suspicious activity, the fact is these hacks are only possible through stolen login credentials.
We urge you to watch your Amazon account. You may want to change the password today to make it less likely your login credentials are hacked.
You also want to go through your contact details in your Amazon account. Make sure your email information and your bank account information are still correct.
If you suspect that something is wrong, change it, and immediately report it to Amazon.
Train your staff on suspicious emails. Warn them any email that arrives that appears to request them to log-in to the Amazon seller account may be a fishing email.
A little training and diligence can go a long way to avoid hacks to your account.