Security News > 2020 > April > Pandemic driving global e-commerce growth, but fraud is on the increase too

The COVID-19 crisis is driving the global growth of e-commerce sales, with millions of consumers worldwide in quarantine shopping for goods, services and entertainment online.

Transaction volumes in most retail sectors have seen a 74 percent rise in March compared to the same period last year, while online gaming has seen a staggering increase of 97 percent, according to analysis by ACI Worldwide of hundreds of millions of transactions from global online retailers.

Fraud is on the increase too, the research shows, as fraudsters are using the surge in online activity to target unsuspecting consumers and merchants.

Fraud trends Average fraudulent attempted purchase value increased by $36 in March, driven by electronic and retail goods; this corresponds to a fraudulent attempted transactional value increase by 13 percent.

Expect an increase in friendly fraud chargebacks as a result of growing financial difficulties among consumers.

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