Fraud Attempts Expected to Spike During Holiday Shopping Season

Fraud Attempts Expected to Spike During Holiday Shopping Season

Beware holiday shoppers. Attempts at fraud will peak on Thanksgiving Day this year.

Holiday shoppers beware. A new study from ACI Worldwide revealed a projected 14 percent increase in fraud attempts during the upcoming 2018 peak holiday season. As consumers and merchants prepare for the busiest shopping season of the year, the projected data shows that fraud attempts are likely to peak on Thanksgiving Day and last through Cyber Monday.

Overall volumes of purchases are expected to rise 18 percent while the value of purchases is expected to decrease by 19 percent, according to the data set. Cross channel fraud will continue to grow, which means fraudsters have begun to target "buy-online, pick up in-store" and call centers will be areas of focus for fraudsters. 

The average amount of a fraudsters efforts is expected to increase three percent to $243, compared to $236 last year.

Thanksgiving Day has been named the most dangerous day for online shoppers and merchants with the volume of purchases on Thanksgiving Day expected to increase 23 percent. The volume of fraud attempts on Thanksgiving Day is expected to be high at 1.8 percent, according to ACI Worldwide.

Black Friday and Cyber Monday will be almost as risky with increased fraud attempts raising to 1.3 percent and .93 percent respectively. 

“As the market matures and EMV technology makes card-present fraud harder, we expect overall fraud attempts to increase at a lower rate this year than they did in the last two years,” Erika Dietrich, global director of Payments Risk at ACI Worldwide said in a press release. “In addition, as more consumers purchase big ticket items like smartphones, TVs and other electronics, we expect the attempted fraud average ticket price to be higher this year than in previous years.”


About the Author

Sydny Shepard is the Executive Editor of Campus Security & Life Safety.

Featured

  • Live From ISC West: Day 2 Recap

    If it’s even possible, Day 2 of ISC West in Las Vegas, Nevada, was even busier than the first. Remember to keep tabs on our Live From ISC West page for news and updates from the show floor at the Venetian, because there’s more news coming out than anyone could be expected to keep track of. Our Live From sponsors—NAPCO Security, Alibi Security, Vistacom, RGB Spectrum, and DoorKing—kept the momentum from Day 1 going with packed booths, happy hours, giveaways, product demonstrations, and more. Read Now

    • Industry Events
    • ISC West
  • Visiting Sin City

    I’m a recovering alcoholic, ten years sober this June. I almost wrote “recovered alcoholic,” because it’s a problem I’ve long since put to bed in every practical sense. But anyone who’s dealt with addiction knows that that part of your brain never goes away. You just learn to tell the difference between that insidious voice in your head and your actual internal monologue, and you get better at telling the other guy to shut up. Read Now

  • On My Way Out the Door

    To answer that one question I always get, at every booth visit, I have seen amazing product technology, solutions and above all else, the people that make it all work. Read Now

    • Industry Events
    • ISC West
  • Return to Form

    My first security trade show was in 2021. At the time, I was awed by the sheer magnitude of the event and the spectacle of products on display. But this was the first major trade show coming out of the pandemic, and the only commentary I heard was how low the attendance was. Two representatives from one booth even spent the last morning playing catch in the aisle with their giveaway stress balls. Read Now

    • Industry Events
    • ISC West

Featured Cybersecurity

New Products

  • Dinkle DKU Barrier Terminal Blocks

    Dinkle DKU Barrier Terminal Blocks

    New DKU screw type terminal blocks use a spring-guided system where the screws are integrated and captive within the terminal enclosure. These screws can be backed out so that ring- or U-shaped cable lugs can be inserted, without the possibility of losing the screw. 3

  • Videoloft Cloud Video Surveillance VSaaS Solution

    Videoloft Cloud Video Surveillance VSaaS Solution

    Videoloft focuses on transforming traditional professional surveillance systems into cloud connected solutions via the Videoloft Cloud Adapter. 3

  • BIO-key MobileAuth

    BIO-key MobileAuth

    BIO-key International has introduced its new mobile app, BIO-key MobileAuth™ with PalmPositive™ the latest among over sixteen strong authentication factors available for BIO-key's PortalGuard® Identity-as-a-Service (IDaaS) platform. 3