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

  • The Evolution of IP Camera Intelligence

    As the 30th anniversary of the IP camera approaches in 2026, it is worth reflecting on how far we have come. The first network camera, launched in 1996, delivered one frame every 17 seconds—not impressive by today’s standards, but groundbreaking at the time. It did something that no analog system could: transmit video over a standard IP network. Read Now

  • From Surveillance to Intelligence

    Years ago, it would have been significantly more expensive to run an analytic like that — requiring a custom-built solution with burdensome infrastructure demands — but modern edge devices have made it accessible to everyone. It also saves time, which is a critical factor if a missing child is involved. Video compression technology has played a critical role as well. Over the years, significant advancements have been made in video coding standards — including H.263, MPEG formats, and H.264—alongside compression optimization technologies developed by IP video manufacturers to improve efficiency without sacrificing quality. The open-source AV1 codec developed by the Alliance for Open Media—a consortium including Google, Netflix, Microsoft, Amazon and others — is already the preferred decoder for cloud-based applications, and is quickly becoming the standard for video compression of all types. Read Now

  • Cost: Reactive vs. Proactive Security

    Security breaches often happen despite the availability of tools to prevent them. To combat this problem, the industry is shifting from reactive correction to proactive protection. This article will examine why so many security leaders have realized they must “lead before the breach” – not after. Read Now

  • Achieving Clear Audio

    In today’s ever-changing world of security and risk management, effective communication via an intercom and door entry communication system is a critical communication tool to keep a facility’s staff, visitors and vendors safe. Read Now

  • Beyond Apps: Access Control for Today’s Residents

    The modern resident lives in an app-saturated world. From banking to grocery delivery, fitness tracking to ridesharing, nearly every service demands another download. But when it comes to accessing the place you live, most people do not want to clutter their phone with yet another app, especially if its only purpose is to open a door. Read Now

Most   Popular

New Products

  • Automatic Systems V07

    Automatic Systems V07

    Automatic Systems, an industry-leading manufacturer of pedestrian and vehicle secure entrance control access systems, is pleased to announce the release of its groundbreaking V07 software. The V07 software update is designed specifically to address cybersecurity concerns and will ensure the integrity and confidentiality of Automatic Systems applications. With the new V07 software, updates will be delivered by means of an encrypted file.

  • 4K Video Decoder

    3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises.

  • AC Nio

    AC Nio

    Aiphone, a leading international manufacturer of intercom, access control, and emergency communication products, has introduced the AC Nio, its access control management software, an important addition to its new line of access control solutions.