us

216.73.216.45

Online fraud attempts increase during COVID-19 catastrophe

Online Fraud

According to ACI Worldwide, the rate of fraud attempts have increased to 4.3% in April, slightly lower than the last month’s 5.3% but still higher than last year’s 3.8%. 

Attempted fraud is concentrated on those segments that have witnessed a high sales growth, like consumer electronics, with the typical ticket price of attempted fraud of up to $26. An increase in attempted fraud has been witnessed in the buy online or in-store. According to the payments firm, the transactional value of fraud surged by 9.9%, reflecting fraudsters’ continued focus on high-value items, extending to laptops and TVs.

Chargebacks for non-fraudulent reasons have also been increased by 25% by the end of March as merchants face issues in processing refunds, staffing call centers, and delivering services. Merchants are trying hard to reduce chargeback volumes and related costs trying to improve the dispute experience for consumers.

Debbie Guerra, EVP/ACI Worldwide, stated: “Fraudsters continue to use the disruption to the status quo to target unsuspecting consumers and unprepared businesses,” Furthermore, he suggested that merchants should also ensure that they are monitoring their fraud strategies to adapt to a new dynamic retail environment.

Related Posts

News

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Explore More

News

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

Explore More

News

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

Explore More

News

UAE Central Bank hit Financial Firms with fines due to compliance failures

UAE Central Bank hit Financial Firms with fines due to compliance failures

Explore More

News

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Explore More

News

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Explore More

News

British Solicitor Fined £32,500 over AML compliance failure and for facilitating a Politically Exposed Person (PEP)

British Solicitor Fined £32,500 over AML compliance failure and for facilitating a Politically Exposed Person (PEP)

Explore More

News

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Explore More

News

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

Explore More

News

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

Explore More

News

UAE Central Bank hit Financial Firms with fines due to compliance failures

UAE Central Bank hit Financial Firms with fines due to compliance failures

Explore More

News

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Explore More

News

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Explore More

News

British Solicitor Fined £32,500 over AML compliance failure and for facilitating a Politically Exposed Person (PEP)

British Solicitor Fined £32,500 over AML compliance failure and for facilitating a Politically Exposed Person (PEP)

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started