Fraud for online holiday sales spikes by 31%

Fraud attempts on digital retail sales jumped 31% from Thanksgiving to Dec. 31 over the previous year, according to a survey of purchasing data from ACI Worldwide.

The fraud increase was based on hundreds of millions of online transactions with major merchants globally. Also, the number of e-commerce transactions grew by 16% for the same period, ACI said.

Some of the fraud attempts came from the use of credit card numbers purchased in underground chat channels, ACI said.

“Given the consistent and alarming uptick in fraudulent activity on key dates, merchants must be proactive in their efforts to identify weak spots and define short and long-term strategies for improved security and enhanced customer experience,” said Markus Rinderer, senior vice president of platform solutions at ACI.

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