December 13, 2017
Festive fraud: how to protect your business and customers this holiday period
Roger Lester, Payments Expert, Featurespace - read the full article on CNP.com
With the holiday season reaching its peak, the final months of the year are typically the busiest time for consumers and merchants alike. Sales promotions and increased shopper demand cause a considerable spike in sales volume, both online and in stores. According to the National Retail Federation, 2016 holiday retail sales in the US showed a 4% increase year-on-year.
Initial figures for this year’s sales period indicate that 2017 will be no different. E-commerce sales on Thanksgiving Day were up 18 percent from last year (to $2.87 billion), while Black Friday and Cyber Monday sales increased by 17% (up to $5.03 billion and $6.59 billion, respectively).
Fraud expert, Roger Lester, speaks to Card Not Present about the added risks of the Holiday Season, and the steps payments processors and merchants can take to limit their losses and protect their customers.
More sales, more fraud
Unfortunately, the holiday buzz goes hand-in-hand with an increase in fraudulent activity, typically peaking on Christmas Eve (Security Magazine, 2017). With fraud attempts up by a staggering 31% between Thanksgiving and New Year in 2016, fraudsters clearly exploit the seasonal demands on merchants and their fraud prevention systems, knowing that fraudulent activity is more likely to slip through during busy periods.
Read the full article on CNP.com to see the challenges facing merchants in the holiday season, and how new technology is helping reduce the risks and improve customer experience. Click here.
Want to know how the ARIC Fraud Hub could help your organisation fight fraud? Click here to book a demo.