The largest online retailer in Sweden has been targeted by a series of stock manipulation schemes in which customers were deceived into thinking their purchases were actually being charged for shipping or other products they weren’t.
Nordstrom, which recently expanded into the US, had been receiving increasing complaints about stock manipulation scams targeting its ecommerce business.
The company announced last week that it had suspended nearly 300,000 fraudulent accounts after a wave of suspicious activity on the platform over the past few months.
The scammer would create fake account details for Nordstrom and would then send them to other people using fake names and email addresses, and then request the customer pay back the original merchant for any goods they had purchased through the fake account.
The victim would then receive a refund, but the amount would never be received by the fraudsters.
Nordstor would then then attempt to contact the victim’s bank, credit card provider, or other financial institution to verify the transaction.
NordStor has also recently come under fire for not taking down fraudulent accounts more quickly and for failing to warn customers about the scam.
In a blog post published on Monday, Nordstrom said that it was “aware of the issues regarding fraudulent accounts and are working closely with our partners and customers to quickly address these issues.”
The company also announced that it has begun an internal investigation to determine if other fraudsters have created fraudulent accounts or similar schemes.
“The actions of the fraudster have resulted in the suspension of over 300,0000 accounts,” the post read.
“This is a matter of great concern to us, as we know how important the trust of our customers and partners is.”
The investigation has revealed that more than 80 percent of Nordstrom customers who were affected by the scam have been contacted by Nordstrom customer service.
The retailer said it had begun to track the fraudulent accounts in the Nordstrom marketplace.
“We believe that this activity is being orchestrated by criminals and have taken swift action to shut down fraudulent account activity,” the company said.
“These actions have helped prevent other merchants from being targeted and we are taking additional measures to improve our systems to keep our customers safe.”
The fraudsters who were responsible for the frauds reportedly received approximately $10 million from the victims.
Nordtroli said that the fraud was carried out through a third-party website.
In an interview with The Associated Press, the company’s CEO, Jarmo Kekkonen, said that “the fraudsters were using an account management service, which they purchased for about $1 million, to get money to them.”
The account was then used to initiate the stock manipulation scam.
“Our customer service team has begun the investigation into these incidents and will report the results to our partners,” the CEO wrote in a statement.
The latest stock manipulation scheme was first reported by the Swedish newspaper Aftonbladet on Monday.
The newspaper claimed that it discovered a massive scam in the Swedish retailer after receiving a tip from a customer who had been falsely sent an email saying he was getting a $50,000 bonus from the retailer.
The article did not say how much money was stolen from the customer.
The story is the latest in a string of scams in which fraudsters use fake credit card numbers and other forms of fake information to steal money from customers.
In June, it was revealed that two American retailers had been victimized by a similar scam in which an employee pretended to be an employee at the company.
In October, a customer was sent a fraudulent credit card number after receiving an email from a fictitious person who claimed to be a bank official.
The fake card was then sold to an online fraudster.