Retailers anticipate fraud spike ahead of peak shopping season

According to the press release, the news comes at a time when many retailers are already feeling the effects of fraud. More than a third (37%) report an increase in fraud attempts on their business during the pandemic, while a quarter (26%) admit that they fell victims to fraud or a data leak over this period, data from the research reveals.

With retailers depending on the peak period (Black Friday, Christmas, and the January sales) to boost annual retail revenues, fraud attacks at this time may cause more damage, the research has found. This year, when retailers have been tackling supply chain disruption, staff shortages, and the lingering effects of the pandemic, 53% describe peak as ‘make or break’ for their businesses.

The majority (56%) say that physical stores will play a more important role in this peak period. Customers appear to agree, with less than a third (32%) saying they will avoid shopping in stores following the pandemic.

However, according to the research, retailers must focus on delivering stand-out experiences while protecting against fraud. Almost two thirds (65%) said they will not shop with a retailer again if they have a bad experience, either in store or online.