Fraudulent eCommerce purchase values jump 70 percent over 2019

2020 has been a boom year for eCommerce, with average daily transaction volumes equal to 88 percent of the volume achieved during Black Friday weekend 2019 according to digital trust and safety specialist Sift. It also finds the average attempted fraudulent purchase value has risen to over $700 from October through November 2020, a 70 percent year-on-year increase compared to the same period in 2019. Fraudsters have moved away from their traditional 'spray and pray' approach, which involves making dozens or hundreds of lower value transactions with stolen payment information. Instead they are making larger, but fewer, attacks. In particular,… [Continue Reading]