It’s a holiday tradition: shoppers descending on giant retail stores to take advantage of holiday sales on Black Friday, then retreating to their computers to shop for bargains online on Cyber Monday. Or at least we’ve come to think of it that way. In fact, the reality in 2018 was quite different. That’s based on data gathered by the RSA Fraud & Risk Intelligence data science team*, which examined how people in major regions of the world shopped during Black Friday and Cyber Monday. If you’re a retailer or a card issuer, here’s what you’ll want to be aware of, so you can be prepared going into the 2019 holiday shopping season.
Brace Yourself: More Transactions, More Fraud, More Risk
In examining 2016-2018 holiday shopping transactions, the RSA team found year-over-year growth in online transaction volumes during Black Friday and Cyber Monday. Not only did transaction volumes grow; the average transaction value did, too. For example, in the U.S., the average value of a transaction on Cyber Monday grew almost 9 percent from $209 in 2017 to $228.6 in 2018. And in addition to year-over-year growth for transactions in general, we also saw a spike in transactions on Black Friday and Cyber Monday as compared to other days of the year.
Fraud data associated with 2018 transactions will take until late February 2019 to calculate, because case marking and chargeback data can take up to three months to update—but looking at fraud data from Black Friday (Read more...)
*** This is a Security Bloggers Network syndicated blog from RSA Blog authored by RSA Blog. Read the original post at: http://www.rsa.com/en-us/blog/2019-01/fighting-holiday-fraud-lessons-learned-from-black-friday-cyber-monday.html