ACI Worldwide, Inc.
Nov 22, 2017

Fraud Attempts Expected to Increase 30% During Peak Holiday Season

Dramatic increase in fraud due to data breaches, account takeover and friendly fraud, according to new ACI Worldwide benchmark data of top merchants

NAPLES, FLA, Nov. 22, 2017 (GLOBE NEWSWIRE) -- Merchants and consumers are gearing up for the busy holiday shopping season and according to new benchmark data from ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, merchants can expect a 30 percent increase in omni-channel fraudulent activity compared with the same period last year. The data* based on hundreds of millions of transactions from leading merchants, provides actionable insights that merchants, banks, financial intermediaries and consumers can leverage to protect against fraudulent activity this holiday season.

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Principal findings include:

"Fraud is increasing at an alarming rate—due to a potent combination of data comprises, identity theft, account takeover and friendly fraud," said Erika Dietrich, global director of payments risk, ACI Worldwide. "Fraudsters continue to target electronics and home goods—and show preference for immediate purchases like buy online, pick-up in store and next-day delivery. It is imperative that both consumers and merchants protect themselves during the holiday shopping season given this new landscape of persistent and systemic fraudulent activity."

 

ACI ReD Shield—a key component of ACI's UP Payments Risk Management solution—delivers real-time, multi-tiered protection that's tailored to the needs of eCommerce merchants, payment service providers (PSPs) and Independent Sales Organizations (ISOs). This intelligent solution is delivered as a managed service through an expert team of risk analysts, and provides instant decisions (accept/challenge/deny) on eCommerce and mCommerce transactions.

 

Sensible Tips for Consumers to Combat Fraud this Holiday Shopping Season

 

  1. Do shop at more reputable websites. One way to ensure that personal details and payment information is safe is to check the bottom right hand corner of a website during the check-out process and look for a security icon that ensures it's a safe transaction
  2. Lock cell phones and use sophisticated passwords when mobile shopping
  3. Use biometric authentication features on mobile device when possible (e.g. thumb print or facial recognition)
  4. Do not use the same e-mail and password combination with multiple merchants; fraudsters can use these credentials for future account takeovers
  5. For families with young children especially, set up pins for online accounts to avoid "friendly fraud" and subsequent chargebacks
  6. Do not leave boxes on front porches. During the busy holiday shopping season, fraudsters are looking to pounce as consumers are distracted
  7. Do not email or share any financial information over the phone—only enter financial information via secure online shopping sites
  8. Do track and monitor credit and debit card spending. Automated alerts for online transactions can let consumers know exactly when they—or someone else—attempts to use a card.

 

* Methodology and Demographics:

Approximately 20 ReD Shield Merchants representing hundreds of millions of transactions; these leading merchants have been utilizing ACI's service for two years.

 

Date Range

January 1 to October 31, 2016

January 1 to October 31, 2017

 

Terminology:

 

About ACI Worldwide

ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software solutions delivered on customers' premises or through ACI's private cloud, we provide real-time, immediate payments capabilities and enable the industry's most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.

 

© Copyright ACI Worldwide, Inc. 2017. 
ACI, ACI Worldwide, ACI Payment Systems, the ACI logo, ACI Universal Payments, UP, the UP logo, ReD, PAY.ON and all ACI product names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners.

Product roadmaps are for informational purposes only and may not be incorporated into a contract or agreement. The development release and timing of future product releases remains at ACI's sole discretion. ACI is providing the following information in accordance with ACI's standard product communication policies. Any resulting features, functionality, and enhancements or timing of release of such features, functionality, and enhancements are at the sole discretion of ACI and may be modified without notice. All product roadmap or other similar information does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making a purchasing decision.

 

Attachments:

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/18ea7975-9427-467f-b0ea-a30069576793

Andrea Snyder

ACI Worldwide

7813704817

andrea.snyder@aciworldwide.com

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Source: ACI Worldwide, Inc.

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