Global Cross-Channel Payment Fraud Increases 13 Percent During 2018 Peak Holiday Season
“As chip-and-pin credit cards are harder for fraudsters to replicate, it
is driving them toward card-not-present, cross-channel fraud,” said
Principal findings from the data include:
- Overall volume of purchases increased by 16 percent, while overall value increased 9 percent compared to the same period in 2017
BOPIS transactions increased 20 percent, peaking the weekend prior to
- Fraud attempts on BOPIS increased 13 percent
Volume of purchases increased by 27 percent while the value of
purchases increased by 17 percent during the weekend after
Thanksgiving( November 24and 25) in 2018, compared to the same period in 2017
- Volume of fraud attempts increased by 1 percent, while the value of fraud attempts increased by 6 percent in 2018 compared 2017
Volume of transactions on
Thanksgiving Dayincreased 19 percent in 2018 compared to 2017
Volume of fraud attempts on
Thanksgiving Daydecreased to 1.24 percent compared to 1.83 percent in 2017
- Volume of transactions on Black Friday increased 20 percent in 2018 compared to 2017
- Volume of fraud attempts on Black Friday decreased to 1.30 percent compared to 1.59 percent in 2017
- Volume of transactions on Cyber Monday increased 9 percent in 2018 compared to 2017
- Volume of fraud attempts on Cyber Monday decreased to 0.84 percent compared to 1.28 percent in 2017
“We saw genuine consumer transactions outpace fraudulent transactions this past holiday season as merchant fraud strategies kept pace in the market. In addition, merchants have become more savvy as they are spreading out the volume of sales earlier in the holiday season (October through November) compared to years past, to reduce fulfilment and delivery bottlenecks,” Dietrich continued.
ACI’s UP eCommerce Payments solution offers integrated, real-time fraud management capabilities, which utilize artificial intelligence, advanced machine learning and predictive and behavioral analytics designed to maximize revenue conversion while thwarting fraudulent activity. The award-winning solution offered in ACI’s cloud is designed to scale for real-time fraud prevention at peak and high volumes.
ACI will showcase its flexible, vendor-agnostic omni-channel merchant
payment solutions at NRF 2019,
The survey includes leading global merchants that utilize ACI ReD Shield, representing hundreds of millions of transactions globally; these merchants, most of which are among the top 100 retailers, have been utilizing ACI’s service for at least two years.
- Volume: number of transactions, comparing last year to this year, like for like global retail customers
- Value: dollar value of transactions, comparing last year to this year, like for like global retail customers
Fraud Attempt Rate: a transaction associated to any one or more of the
- Transaction data point confirmed fraud as a result of a merchant verifying
Transaction data point matched a record in
ReD Shieldglobal screening negative database – chargebacks, credit card numbers being sold online in underground chat channels, or reported as fraud by an issuer pattern matching a recent confirmed fraud behaviour.
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