Holiday decorations are up with fancy merchandise sold by merchants during Black Friday and Cyber Monday. Radio stations have jumped the gun playing Christmas music and shoppers have started browsing various sites looking for their perfect gifts for the festive season.
This year’s Black Friday and Cyber Monday figures reflect consumers’ behavior gravitating towards the growing influence of the internet to purchase goods and services. As per an online report, consumers’ expenditure reached $5.03 B online on Black Friday and Thanksgiving Day, a 16.8% increase from 2016. Cyber Monday surpassed that figure to the next sphere by setting a record-high of $6.6 B in sales.
The early data on holiday spending reflects some insights into what businesses might expect as the year 2017 rounds down.
MALVERTISING (Malicious + Advertising): Penetrating the Mind with Desires and Beliefs
The meteoric rise in online shopping during holidays is the inevitable proof of high dollar card transactions. Does the rise in sales necessarily imply that it will help FIs and merchants improve their bottom-line?
It’s important for businesses to be prepared for handling the rising volume of sales and combat the threat of fraud that comes with it.
Criminals are relentlessly discovering sophisticated ways to infiltrate organization. Identity thieves flaunt an array of technology that helps them steal private information through malvertising, data breaches, account takeover and friendly fraud.
To execute their plan with pin-point precision, scammers created Fake Black Friday and Cyber Monday ads that contained links that directed consumers to a malicious website that installed malware.
So has these socially engineered attacks spoiled the spirit of holiday season 2017?
Amid holiday season, CNP fraud poses the biggest challenge for FIs and merchants making them face the wrath of higher re-issuance costs. Worse happens when it also leads to an increase in ATM skimmers, and other types of card fraud including friendly fraud and synthetic fraud.
With CNP fraud expected to grow to $6.4 billion in 2018, businesses should invest in automation tools and rely on data analytics-based technologies to strengthen the front-end review of fraudulent transactions through a robust fraud detection and prevention service provider.
Quatrro Processing Services provides a critical layer of behavioral analytics alloyed with machine intelligence mitigating fraud across all channels. Quatrro diligently adopts and implements best practices to provide best in class Holiday fraud prevention through 100 % anomaly detection model.