Decrypting the Cyber Monday Fraud Risk

Monday, 26 November is one of the most awaited Online Shopping Days of the Year and it’s just around the corner. It is the time that everyone waits and while you free your purse strings for buying your favorite gadget, tool, and various products available at mega discounted prices.
While eCommerce and mobile payment volumes hit record levels on Cyber Monday, the fraudsters were seizing the opportunity to take advantage of any vulnerability. Fraudsters know that online retailers are especially busy this time of year and increase their attacks accordingly. This includes increased fraud attempts from mobile devices and higher average order values for fraudulent purchase attempts.

 Cyber Monday 2017 – A Glance

Thanksgiving, Black Friday and Cyber Monday together give shoppers a five day non-stop shopping fiesta. Shoppers had spent $3.36 billion on Cyber Monday in 2017, up from $2.67 billion in 2016 a 26% growth in a year.

2017Cyber Monday spending: Persistent Facts

 

Are You Prepared for This Year’s Cyber Monday Rush?

Customers are all set to go online and shop through digital channels to avail attractive discounts and offers. A higher inflow of online payments using e-commerce marketplace will pose incremental fraud risks to businesses and require proactive preparation for safer and reliable digital payment accepting solutions.

2018 Cyber Monday – A Year of Swelling Sales

Fraud Impelling Cyber Monday Turmoil

E-Commerce companies are expected to see a spike in mobile traffic during Cyber Monday. The multitude of legitimate online users will be the camouflage for hackers, who have been eagerly waiting to flameout this opportunity at your expense. Fraudsters will use sophisticated and complex fraud methods to fill their money bag and left you out with mountains of chargeback and frustrated customers.

Payment Decline Adds To Revenue Seepage

A big chunk of merchants fearing fraud behind are declining online orders during high season sales. Such declines are around 5.5% of their estimated annual online revenue. This adds to a major leak to the payment funnel without even letting merchants realize that orders are declined without providing an opportunity to receive funds.

Don’t Let Fraudsters Shop Your Data & Revenue!

Growing season sales are throwing tough challenges for FI’s and merchants with rising card fraud, ID theft, and data breaches. The best defense for businesses is being aware of the fraud threats and proactively strengthens the fraud prevention mechanism. Don’t lose your profit and lifetime customers to heavy chargebacks or a damaged brand image.
QPS’ 24×7 AI driven transaction monitoring for effective fraud detection, prevention, and secure payment processing will provide a multilayered fraud defense to businesses. Solutions integrated with machine learning and human eye review ensures friction-less shopping experience for your customers.

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