Suspected Digital Holiday Shopping Fraud in Canada Increases 58% Compared to Rest of 2022
06 Dezember 2022 - 12:02PM
A new TransUnion (NYSE: TRU) study on 2022 holiday e-commerce
fraud, released today, reveals that 6% of e-commerce transactions
originating from Canada between Thursday, Nov. 24 and Monday, Nov.
28 were suspected to be fraudulent. Based on intelligence from
billions of transactions contained in TransUnion’s TruValidate™
fraud analytics solution suite, TransUnion also found there was a
58% increase in the average number of suspected e-commerce fraud
attempts from Canada on any given day during the holiday period
compared to the rest of 2022 (Jan. 1, 2022 to Nov. 23, 2022).
E-commerce fraud in Canada at the start of the holiday shopping
season follows a global trend: TransUnion’s analysis found 15% of
all global e-commerce transactions in the same holiday period were
potentially fraudulent.1 Globally, there was an 82% increase in the
average number of suspected global digital fraud attempts in retail
on any given day during the holiday period compared to the rest of
the year.
The study also revealed the share of suspected digital fraud
attempts for each day in the holiday shopping period for
transactions originating from Canada and globally.
Breakdown of Risky Transactions During
Holiday Period
Day |
Transactions in Canada |
Globally |
Thursday, Nov. 24th |
17% |
14% |
Friday, Nov. 25th |
23% |
25% |
Saturday, Nov. 26th |
21% |
21% |
Sunday, Nov. 27th |
18% |
18% |
Monday, Nov. 28th |
21% |
22% |
“Fraudulent activity tends to be particularly prevalent in
online retail during the holiday shopping season,” said Patrick
Boudreau, head of identity management and fraud solutions at
TransUnion Canada. “Despite the fact that larger numbers of
consumers are returning to in-person shopping in the post-pandemic
era, many still prefer online retail for holiday shopping. It’s
critical for online retailers to ensure consumer security and
privacy protections—a consumer priority—in a way that ensures a
seamless shopping experience and minimizes unnecessary
friction.”
TransUnion’s analysis also revealed that promotion abuse and
account takeover were the leading fraud attempt types during the
holiday shopping season globally.
“Online retailers must equip themselves with the proper tools to
detect fraud at the first warning sign without inhibiting the
consumer journey,” said Patrick Boudreau, head of identity
management and fraud solutions at TransUnion Canada. “It’s more
important than ever for online retailers to implement holistic
fraud solutions to verify customer identity and authenticity at the
very beginning of a transaction without resulting in false
positives that may cost them legitimate transactions.”
Canadian consumers express 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 Canada Q3 2022
Consumer Pulse study found that 77% of Canadian consumers are
concerned with being victimized by online fraud this holiday
season.
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 proofing, risk-based
authentication and fraud analytics solution suite
– TruValidate™.
To find out how this data varies by select countries, check out
TransUnion’s holiday fraud trends infographic.
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®. TransUnion provides solutions that
help create economic opportunity, great experiences and personal
empowerment for hundreds of millions of people in more than 30
countries. Our customers in Canada comprise some of the nation’s
largest banks and card issuers, and TransUnion is a major credit
reporting, fraud, and analytics solutions provider across the
finance, retail, telecommunications, utilities, government and
insurance sectors.
Learn more at transunion.ca
Contact |
Emma Tiessen |
|
|
E-mail |
emma.tiessen@ketchum.com |
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Telephone |
647-523-1594 |
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.
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