In Q4 2020, fraudsters are swinging for the fences
This holiday season, fraudsters are swinging for the fences. This is according to the latest Digital Trust & Safety Index by Sift. Spurred on by the e-commerce boom, fraudsters have switched gears and are attempting more high-value fraudulent transactions than before.
The year 2020 has been very good for e-commerce stores. Throughout the pandemic, e-commerce sales have been higher than normal. However, the high transaction volumes are also a reason for worry. As the adage goes (not really, but still), the more online transactions, the more opportunities for online payment fraud.
According to the data, the average attempted fraudulent sale value was over $700 from October through November 2020. That’s a 70% increase when compared to the same period in 2019.
The report also reveals a shift in how fraudsters operate. Instead of making multiple low-value fraudulent transactions, they are now trying to hit home runs. Fraudsters are increasingly targeting online merchants who themselves are looking to cash in on the internet shopping boom by setting higher thresholds for blocking transactions.
Maximize your revenue, without lowering your guard.
Merchants must adapt to new realities as quickly as possible. It is also very understandable that revenue maximization is a top priority. However, online merchants must do so responsibly.
It is quite possible to reduce friction at checkout, without leaving the door open for fraudsters. If you’re struggling with striking a balance between high-end security and customer experience, maybe I can help.
Many organizations rely on the expertise and advice provided through Alphacomm’s Payment & Fraud consultancy to better secure their online transactions.
If you’re up for a chat, we’d like to learn more about your business and its fraud challenges.
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