Credit card fraud drops 29 percent in holiday shopping week

Monday 4 December 2017 10:26 CET | News

An iovation report has revealed that credit card fraud has dropped from 59% of total fraud found in the 2016 holiday week to 42% of total fraud found in 2017 the holiday week.

This represents a 29% decrease from 2016 four-day holiday weekend and demonstrates that online retailers are making strides in their ability to identify and prevent card-not-present (CNP) fraud which has been on the rise since brick and mortar retailers have increased their adoption of EMV card technologies.

Iovation data collected from its retail and ecommerce subscribers also showed that consumers are doing more of their holiday shopping online in general, with transactions occurring solely on Black Friday and Cyber Monday falling over the past several years. This is the result of a shift in sales strategy from online retailers, who are now extending promotional deals beyond the holiday shopping weekend.

The data shows that 62% of consumer’s online retail transactions from Black Friday to Cyber Monday originated from mobile phones/tablets, compared to 55% from 2016 holiday season, continuing an increase in mcommerce during the holidays and year-over-year.

The company also conducted a survey of more than 1,000 consumers across four generations to better determine how knowledge of fraud affects online behaviour. While 83% of respondents understand how to protect themselves online – using a credit card rather than a debit card for online purchases, monitoring credit scores regularly and shopping at well-known retailers – consumers across all demographic groups continue to exercise poor password hygiene.

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Keywords: iovation, survey, report, holiday shopping, Black Friday, Cyber Monday, ecommerce, mcommerce
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions