{"id":402136,"date":"2020-12-17T11:33:24","date_gmt":"2020-12-17T16:33:24","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=402136"},"modified":"2020-12-17T11:33:24","modified_gmt":"2020-12-17T16:33:24","slug":"report-fraudsters-bank-on-targeted-high-value-attacks-during-2020-holiday-shopping-season","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/report-fraudsters-bank-on-targeted-high-value-attacks-during-2020-holiday-shopping-season\/","title":{"rendered":"Report: Fraudsters Bank on Targeted, High-Value Attacks During 2020 Holiday Shopping Season"},"content":{"rendered":"

\nWhile e-commerce merchants see massive sales surge, average fraudulent purchase value jumped 70% year-over-year in October and November 2020
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SAN FRANCISCO, Dec. 17, 2020 (GLOBE NEWSWIRE) — Sift<\/u><\/a>, the leader in Digital Trust & Safety, today released its Q4 2020 Digital Trust & Safety Index: Holiday Fraud and the Shifting State of E-commerce, which revealed that fraudsters are executing larger and more targeted attacks this holiday season. Derived from Sift\u2019s global network of over 34,000 sites and apps, the Index found the average attempted fraudulent purchase value rose to over $700 from October through November 2020, a 70% year-over-year increase during the same period in 2019.<\/p>\n

2020 has been a banner year for e-commerce sales, with merchants across Sift\u2019s network enjoying Black Friday-like transaction volumes. In fact, average daily transaction volumes have been equal to 88% of the volume that occurred during Black Friday weekend 2019 \u2013 one of the largest shopping weekends of the year. In the wake of the e-commerce boom, fraudsters have changed their tactics to take advantage. Shifting away from the traditional \u201cspray and pray\u201d approach, which includes making dozens or hundreds of lower value transactions with stolen payment information, bad actors are making larger, albeit fewer, attacks. In particular, cybercriminals have focused on e-commerce merchants who are looking to cash in on the surge of online shopping this season, knowing that they will be more likely to get through unabated.<\/p>\n

\u201cThe opportunity for e-commerce merchants this holiday season is greater than ever, and fraudsters have certainly taken advantage by making fraudulent transactions at higher price points,\u201d said Jason Tan, CEO of Sift. \u201cCybercriminals are well aware that merchants are setting higher thresholds for blocking transactions, which is a major flaw of rules-based fraud prevention strategies. These rules-based systems not only fail to catch large amounts of fraud, but block legitimate transactions in the process. Companies need to move towards a Digital Trust & Safety strategy, which accounts for the changing behaviors of fraudsters while ensuring a seamless experience for legitimate users.\u201d<\/p>\n

Additional research from Sift\u2019s Q4 2020 Digital Trust & Safety Index found that:<\/p>\n