Suspected Digital Holiday Shopping Fraud in U.S. Increases 127% Compared to Rest of 2022
01 Dezember 2022 - 2:00PM
TransUnion (NYSE: TRU) released new findings today around global
e-commerce fraud that occurred during the start of the 2022 holiday
shopping season. The analysis found that the average number of
suspected digital fraud attempts on any given day between
Thanksgiving and Cyber Monday (Thursday, Nov. 24, and Monday, Nov.
28) was 82% higher globally than during the rest of the year (Jan.
1, 2022 to Nov. 23, 2022) and 127% greater than during the rest of
the year for transactions originating in the U.S.
These findings are based on intelligence from billions of
transactions contained in TransUnion’s TruValidate™ fraud analytics
solution suite. The analysis determined 15% of all global
e-commerce transactions reviewed between Thursday, Nov. 24, and
Monday, Nov. 28 were potentially fraudulent.1 For transactions
originating from the U.S., 18% of e-commerce transactions during
that period were suspected to be fraudulent.
The study also revealed the share of suspected digital fraud
attempts for each individual day in the holiday shopping period for
transactions in the U.S. The greatest propensity of risky
transactions occurred during Black Friday and Cyber Monday.
Breakdown of Risky Transactions During
Holiday Period
Day |
Percentage of All Holiday Period Risky Transactions by Day
(Nov. 24-28) |
Friday, Nov. 25th (Black
Friday) |
26 |
% |
Monday, Nov. 28th (Cyber
Monday) |
24 |
% |
Saturday, Nov. 26th |
22 |
% |
Sunday, Nov. 27th |
16 |
% |
Thursday, Nov. 24th
(Thanksgiving) |
12 |
% |
“Fraudulent activity tends to be particularly prevalent in
online retail during the holiday shopping season,” said Shai Cohen,
senior vice president and head of global fraud solutions at
TransUnion. “Despite the fact that consumers have begun returning
in larger numbers to in-person shopping in the post-pandemic era,
online retail continues to be the preferred means of holiday
shopping for many. It’s important that online retailers ensure
consumer security and privacy protections, which is important to
consumers, but in a way which ensures a seamless shopping
experience that minimizes unnecessary friction.”
TransUnion also revealed in the analysis the top types of
fraudulent e-commerce transactions during the holiday shopping
season. This year, promotion abuse and account takeover were the
leading fraud attempt types.
“Online retailers must equip themselves with the proper tools to
detect fraud at the first warning sign, and without inhibiting the
consumer journey,” said Cecilia Seiden, vice president of the
retail business at TransUnion. “It’s more important than ever that
these online retailers implement holistic fraud solutions that are
able to verify customer identity and authenticity at the very
beginning of a transaction without resulting in false positives
that may cost them legitimate transactions.”
Consumers express more concern this holiday
season
The increase of suspected digital fraud during the traditional
busiest days of the holiday shopping season occurred as consumers
express concern about being victimized. TransUnion’s 2022 Consumer
Holiday Shopping Survey conducted in August 2022 found that 54% of
American consumers are concerned with being victimized by online
fraud this holiday season, a 17% increase from last year.
TransUnion monitors digital fraud attempts reported by
businesses in varied industries such as gambling, gaming, financial
services, healthcare, insurance, retail, and travel and leisure,
among others. The conclusions are based on intelligence from
billions of transactions and more than 40,000 websites and apps
contained in TransUnion’s flagship identity insights, digital
insights, omnichannel authentication, and fraud analytics solution
suite – TruValidate™.
Additional information on TransUnion’s 2022 holiday fraud trends
can be found here.
About TransUnion (NYSE: TRU)TransUnion is a
global information and insights company that makes trust possible
in the modern economy. We do this by providing an
actionable picture of each person so they can be reliably
represented in the marketplace. As a result, businesses and
consumers can transact with confidence and achieve great things. We
call this Information for Good®.
A leading presence in more than 30 countries across five
continents, TransUnion provides solutions that help create economic
opportunity, great experiences and personal empowerment for
hundreds of millions of people.
http://www.transunion.com/business
Contact |
Dave
Blumberg |
|
TransUnion |
|
|
E-mail |
dblumberg@transunion.com |
|
|
Telephone |
312-972-6646 |
1 The percent of suspected digital fraud attempts are those that
TruValidate customers either denied or reviewed due to fraudulent
indicators compared to all transactions it assessed for fraud.
TransUnion (NYSE:TRU)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
TransUnion (NYSE:TRU)
Historical Stock Chart
Von Apr 2023 bis Apr 2024