Science & Technology

Rogue e-commerce transactions surged between Thanksgiving and Cyber ​​Monday

17.46% of the world E-commerce Transactions between Thanksgiving and Cyber ​​Monday are potentially scam, TransUnion report reveals. These numbers were slightly higher in the United States, where 19.66% were suspected of fraud.

The number of suspected e-commerce fraud attempts during the 2021 holiday shopping season also exceeded 15.73% of the fraud attempts observed earlier this year (January 1-29) by 25%. ..

Globally, the alleged fraudulent e-commerce rate from November 25th to 29th is about 4% higher than 16.83% in the year-ago quarter. In the United States, the percentage was relatively flat compared to last year, which was 19.70% during Thanksgiving to Cyber ​​Monday holiday shopping.

The analysis also observed the top two reasons for potentially fraudulent e-commerce between Thanksgiving and Cyber ​​Monday. The biggest reason was the number of accounts per device. This is triggered when the device accesses the minimum number of accounts during the configured time period. The second was the existence of evidence. This happens when your account or device has previously made fraudulent transactions.

“The holiday shopping season is a popular time for malicious individuals to engage in fraud, especially in the e-commerce and retail industries,” he said. Shy Cohen, TransUnion’s global fraud solution SVP.

“Online shopping is a new norm for the majority of consumers, and the trend is COVID-19 (new coronavirus infection) Pandemic. Consumers want to shop with online retailers who not only provide a seamless user experience, but also take consumer security and privacy seriously. It is imperative that these companies have the right tools to better assess the overall risk of potential fraudulent transactions without interfering with consumer travel. “

As more consumers are concerned about holiday fraud, a surge in fraud attempts will occur

These trends and the surge in fraud occur early in the shopping season compared to the rest of the year. According to the report, 50% of consumers have a positive view of additional identity verification requirements at checkout, 45% are neutral, and the requirements do not affect their shopping habits.

However, 15% say that the lack of sufficient security on the site is the number one reason to abandon the cart. In addition, one in four consumers said they were concerned about becoming a victim of digital fraud this holiday season compared to last year.

The report also Supply chain issues 33% of consumers shop earlier this year due to possible low inventory. According to the analysis, Saturday, November 27, was the highest percentage of suspected digital fraud attempts in the United States, as consumers have previously shopped and done much of their shopping online.

“Companies are now increasingly required to identify the devices consumers use to make transactions, so risk levels are better assessed while allowing customers to engage in those transactions with confidence. It may be possible. ” Ryan Fox, Vice President of Global Fraud Solutions TransUnion..

“Since fraudsters continue to target consumers, companies can do as much as they can to ensure that customers have the right level of security to trust their transactions are safe while avoiding abandonment of their shopping carts. It’s important to do that. “

Rogue e-commerce transactions surged between Thanksgiving and Cyber ​​Monday

https://www.helpnetsecurity.com/2021/12/06/fraudulent-e-commerce-transactions/ Rogue e-commerce transactions surged between Thanksgiving and Cyber ​​Monday

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