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BizReport : Ecommerce archives : October 30, 2014

Mondays a favorite of fraudsters

While most people entering stores or making purchases online this holiday season will actually be buying, one report indicates the fraud levels may also increase. According to Feedzai online payment fraud has reaced the $750 billion mark, globally, with online fraudsters leading the way.

by Kristina Knight

"As we approach the holiday season, we are bound to see more evidence in fraud, especially with CNP transactions, and it will likely be bigger this season than last," said Nuno Sebastiao, Chief Executive Officer of Feedzai. "Fraudsters are also quickly shifting behaviors and targets as shoppers change behaviors. We expect that we will continue to see more cross-channel fraud this season as shoppers look to save time by ordering online and picking up in-store."

Feedzai researchers studied 17.5 billion global transactions and found that Card Not Present (CNP) fraudsters are spending more than fraudsters with Cards Present (CP) - on average CNP fraudsters will spend $900 in 5 days while CP fraudsters will spend about $450 in 7 days.

Other interesting findings from the Feedzai report include:

• 3 times more CNP fraud happens in November than in June
• CP fraud is mostly likely to happen on Black Friday
• CNP fraud is most likely to happen between Noon and 1pm
• CP fraud is most likely to happen between 4pm and 5pm

Mondays are the days when the most overall - both CP and CNP - fraud occurs with Sundays holding on to the Least Fraudulent Day title. On an individual basis Card Present fraud is 45% more likely to happen on Saturdays than Sundays while Card Not Present fraud is 92% higher on Saturdays than Sundays.

Image via Shutterstock

Tags: 2014 holiday tips, ecommerce, ecommerce fraud, Feedzai, fraud tips

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