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Report: Fraudsters Bank on Targeted, High-Value ...

Report: Fraudsters Bank on Targeted, High-Value Attacks During 2020 Holiday Shopping Season
While e-commerce merchants see massive sales surge, average fraudulent purchase value jumped 70% year-over-year in October and November 2020.
SAN FRANCISCO - December 17, 2020 Sift, the leader in Digital Trust & Safety, today released its Q4 2020 Digital Trust & Safety Index: Holiday Fraud and the Shifting State of E-commerce, which revealed that fraudsters are executing larger and more targeted attacks this holiday season. Derived from Sift’s global network of over 34,000 sites and apps, the Index found the average attempted fraudulent purchase value rose to over $700 from October through November 2020, a 70% year-over-year increase ....

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Fraudulent eCommerce purchase values jump 70 percent over 2019

Fraudulent eCommerce purchase values jump 70 percent over 2019
2020 has been a boom year for eCommerce, with average daily transaction volumes equal to 88 percent of the volume achieved during Black Friday weekend 2019 according to digital trust and safety specialist Sift.
It also finds the average attempted fraudulent purchase value has risen to over $700 from October through November 2020, a 70 percent year-on-year increase compared to the same period in 2019.
Fraudsters have moved away from their traditional spray and pray approach, which involves making dozens or hundreds of lower value transactions with stolen payment information. Instead they are making larger, but fewer, attacks. In particular, cybercriminals have focused on eCommerce merchants who are looking to cash in on the surge of online shopping this season, knowing that their efforts will be more likely to succeed. ....

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