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Holiday Weekend Online Payment Card Fraud 20% Higher In 2016
In the face of EMV chips, criminals turned online to commit card-not-present fraud this Black Friday and Cyber Monday.
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Online retail credit card fraud between Black Friday to Cyber Monday was 20% higher in 2016 than 2015, according to a new study by iovation. Online fraud this holiday weekend was a 34% jump over 2014.
Iovation, which provides fraud protection to businesses, also found that 55% of online shoppers this holiday weekend shopped from mobile phones and tablets, compared to 49% the rest of the year; in 2015, 47% of holiday weekend shoppers used mobile devices.
The increase in online card fraud versus card-present fraud is attributed largely to the increase in use of EMV chip cards -- the cards are harder to counterfeit, so criminals are turning to online scams instead.
Mobile transactions over the holiday weekend were found to be highest on Nov. 26 and 27 at 59%, dropping to 48% on Nov. 28 as consumers returned to work and resumed shopping on desktops and laptops.
Read research data here. See infographic.
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