us

216.73.216.247

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

EBA’s rising concern over the increased financial crimes in fintech, payment and crypto

EBA’s rising concern over the increased financial crimes in fintech, payment and crypto

Explore More

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

Explore More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

UK Parliament Legislates New Digital Identity Verification Services Bill

Explore More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

Explore More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

Explore More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

Explore More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

Explore More

News

EBA’s rising concern over the increased financial crimes in fintech, payment and crypto

EBA’s rising concern over the increased financial crimes in fintech, payment and crypto

Explore More

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

Explore More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

UK Parliament Legislates New Digital Identity Verification Services Bill

Explore More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

Explore More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

Explore More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

Explore More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

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