Fraud Attempts Expected to Jump 14% During Holiday Season

Between Thanksgiving and New Year’s Eve, merchants should expect a 14% increase in fraud attempts.

Fraud Attempts, increase in fraud attempts

According to ACI Worldwide, merchants should expect a 14-percent increase in fraud attempts between Thanksgiving and New Year’s Eve 2018. The value of fraud attempts is expected to increase by 17 percent.

The attempted fraud average ticket price – the average size of individual sale by credit card – is expected to rise three percent to $243, from $236 in 2017, according to ACI’s 2018 Holiday Season Merchant Fraud Forecast. Fraud attempts are expected to hit 3.27 percent of transactions on Thanksgiving Day, and “buy online, pick up in-store” programs will be an area of focus for fraudsters.

Erica Dietrich, global director of payments risk at ACI, notes: “As more considers 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. Fraudsters will keep an eye on items that have limited inventory as it gives them an additional opportunity to steal and sell those items on the dark market for a higher price so consumers and merchants alike must be vigilant in such cases.”

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(2018). Fraud Attempts Expected to Jump 14% During Holiday Season. Recovered on 7 December 2018 from https://www.securitymagazine.com/articles/89643-fraud-attempts-expected-to-jump-14-during-holiday-season