We need to talk about Black Friday/Cyber Monday fraud, ACI Worldwide

Online shopping fraud attempts will surge by 14% during the 2018 Black Friday and Cyber Monday weekend, as hackers prowl on big ticket items such as TVs and smartphones.

That’s according to ACI Worldwide research based on hundreds of millions of merchant transactions, including some of the UK’s biggest High Street names. This also shows that cross channel fraud is continuing to grow. In addition to traditional online channels, “buy online, pick up in-store” and call centres will be areas of focus for crooks.

“The first step to fighting fraud is knowing what you’re up against,” says Erika Dietrich, Global Director, Payments Risk, ACI Worldwide. “Fraudsters prepare for peak holiday season just as much as merchants and consumers do. By anticipating the increase in fraud during the holiday shopping season, and being aware of where fraudsters may be lurking, consumers and merchants can get ahead of fraudulent activity and protect themselves.”

“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. Fraudsters will also 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; consumers and merchants alike must be vigilant in such cases.”