We have certainly heard of Cyber Monday, but are you also aware of Green Monday? Before the brainstorming begins, it is not the day for recycling or a day to encourage environment safety. Green Monday is considered to be a phenomenal shopping day in the commercial carnage, drawing in the last-minute shoppers and giving one final boost to holiday sales volume. So if consumers have missed out on Black Friday and Cyber Monday, retailers still offer lucrative deals on Green Monday.
The huge volume of digital transactions during Green Monday, bring organizations on a high alert for steadily rising payment fraud. The enhanced online shopping spree not only opens the flood gates for payment fraud but also gives a brisk pace to fraud attacks which are evolving by virtue of technological advances in the realm of digital transactions.
Merchant’s Optimism is Fading in Dark
During holiday season, market share continues to shift to mega-retailers. Therefore, smaller players need to cut through the clutter and discover innovative ways to keep up. Against the backdrop of card-not-present transactions, the loss due to CNP fraud is expected to be as high as $6 Billion by 2018.
While merchants have set a certain revenue benchmark that they try to hit during holiday season, false positives and chargeback management pose considerable threats. As they accrue chargeback, it is likely to impact their net sales. Additionally, unrecognized purchases during holiday season and friendly fraud seem to be equally challenging for retailers.
Fraud is Draining the FIs
With financial institutions being stressed and aiming to reduce payment fraud, the fraudsters are taking every advantage to steal consumer’s personal information. Hectic holiday season is the prime time for identity theft fraud. Consumers open new credit/debit card accounts owing to great discounts offered. Fraudsters leverage the opportunity as it is less likely to identify fraudulent activities ensuing to an elevation in transaction volumes.
FIs face challenges particularly in a few hot button areas incorporating fallback transactions, synthetic fraud, account takeover and data security to name a few. According to a survey, 84% of shoppers mentioned that their willingness to shop with merchants will be impacted if the brand has experienced a data breach. Most of the online shoppers are skeptical if organizations are taking necessary steps to protect their personal credentials
Counter Payment Fraud Methodically
Quatrro Processing Services, a leading fraud detection and prevention service provider, has been providing stringent solutions to combat holiday fraud and flag fraudulent transactions. Proactive measures taken will mitigate the costs to financial institutions and merchants. Quatrro’s multi-layered approach with a human eye review capitalizes on major reforms in the payment industry.