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.

  • By Sydny Shepard
  • Nov 21, 2018

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

  • Maximizing Your Security Budget This Year

    Perimeter Security Standards for Multi-Site Businesses

    When you run or own a business that has multiple locations, it is important to set clear perimeter security standards. By doing this, it allows you to assess and mitigate any potential threats or risks at each site or location efficiently and effectively. Read Now

  • New Research Shows a Continuing Increase in Ransomware Victims

    GuidePoint Security recently announced the release of GuidePoint Research and Intelligence Team’s (GRIT) Q1 2024 Ransomware Report. In addition to revealing a nearly 20% year-over-year increase in the number of ransomware victims, the GRIT Q1 2024 Ransomware Report observes major shifts in the behavioral patterns of ransomware groups following law enforcement activity – including the continued targeting of previously “off-limits” organizations and industries, such as emergency hospitals. Read Now

  • OpenAI's GPT-4 Is Capable of Autonomously Exploiting Zero-Day Vulnerabilities

    According to a new study from four computer scientists at the University of Illinois Urbana-Champaign, OpenAI’s paid chatbot, GPT-4, is capable of autonomously exploiting zero-day vulnerabilities without any human assistance. Read Now

  • Getting in Someone’s Face

    There was a time, not so long ago, when the tradeshow industry must have thought COVID-19 might wipe out face-to-face meetings. It sure seemed that way about three years ago. Read Now

    • Industry Events
    • ISC West
Most   Popular

Featured Cybersecurity

Webinars

New Products

  • Camden CM-221 Series Switches

    Camden CM-221 Series Switches

    Camden Door Controls is pleased to announce that, in response to soaring customer demand, it has expanded its range of ValueWave™ no-touch switches to include a narrow (slimline) version with manual override. This override button is designed to provide additional assurance that the request to exit switch will open a door, even if the no-touch sensor fails to operate. This new slimline switch also features a heavy gauge stainless steel faceplate, a red/green illuminated light ring, and is IP65 rated, making it ideal for indoor or outdoor use as part of an automatic door or access control system. ValueWave™ no-touch switches are designed for easy installation and trouble-free service in high traffic applications. In addition to this narrow version, the CM-221 & CM-222 Series switches are available in a range of other models with single and double gang heavy-gauge stainless steel faceplates and include illuminated light rings. 3

  • Compact IP Video Intercom

    Viking’s X-205 Series of intercoms provide HD IP video and two-way voice communication - all wrapped up in an attractive compact chassis. 3

  • A8V MIND

    A8V MIND

    Hexagon’s Geosystems presents a portable version of its Accur8vision detection system. A rugged all-in-one solution, the A8V MIND (Mobile Intrusion Detection) is designed to provide flexible protection of critical outdoor infrastructure and objects. Hexagon’s Accur8vision is a volumetric detection system that employs LiDAR technology to safeguard entire areas. Whenever it detects movement in a specified zone, it automatically differentiates a threat from a nonthreat, and immediately notifies security staff if necessary. Person detection is carried out within a radius of 80 meters from this device. Connected remotely via a portable computer device, it enables remote surveillance and does not depend on security staff patrolling the area. 3