Security News > 2021 > December > Fraudulent e-commerce transactions spiked between Thanksgiving and Cyber Monday

17.46% of all global e-commerce transactions between Thanksgiving and Cyber Monday were potentially fraudulent, a TransUnion report reveals.

Globally, the percentage of suspected fraudulent e-commerce transactions from November 25 to November 29 is about 4% higher than the same period last year when the rate was 16.83%. In the U.S. the percentage remained relatively flat compared to last year when it was 19.70% during the Thanksgiving to Cyber Monday holiday shopping period.

The analysis also observed the top two reasons for potentially fraudulent e-commerce transactions between Thanksgiving and Cyber Monday.

"The holiday shopping season is a popular time for bad actors to engage in fraudulent activity, particularly in the e-commerce and retail industry," said Shai Cohen, SVP of global fraud solutions at TransUnion.

"Online shopping is the new norm for the majority of consumers and that trend has been further accelerated due to the COVID-19 pandemic. Consumers want to shop with online retailers that not only provide a seamless user experience, but also take consumer security and privacy seriously. It is imperative that those businesses equip themselves with the proper tools to better assess the overall risk of a potential fraudulent transaction without inhibiting the consumer journey."

With consumers shopping earlier and conducting much of their shopping online, analysis found that in the U.S., Saturday, November 27 was the day with the highest percent of suspected digital fraud attempts at 21.99%. "Businesses now have more pressure to identify the device a consumer uses to conduct transactions so they may better assess the risk level while ensuring their customers are confident in engaging in those transactions," said Ryan Fox, VP of global fraud solutions at TransUnion.

News URL

https://www.helpnetsecurity.com/2021/12/06/fraudulent-e-commerce-transactions/