The 2024 online shopping peak season is here, and the biggest expectation from the payment stakeholders is to enable a delightful online payment experience for customers.
Companies are strengthening their teams to maintain client service at the highest level. The main goal of a fintech is to provide professional service and to meet its client expectations while maintaining seamless business operations.
In parallel, merchants and issuers must enable the best way to a successful transaction for their cardholders.
Learning from the past to improve the future.
The figures analyzed by the National Fraud Intelligence Bureau showed that shoppers across England, Wales and Northern Ireland were scammed out of £15.3m between November 2021 and January 2022 and that the age group most likely to fall victim was 19 to 25-year-olds.
Between 1 November 2020 and 31 January 2021, the average loss per person was £549, including reports with no financial loss, while for the same period last year, that figure increased to £775.
The findings from the same reports revealed that almost half of the scams reported to Action Fraud mentioned one social media platform, showing that this is by far the most likely medium for shopping and auction fraud to take place. One victim lost £480 when trying to purchase shoes via a seemingly reputable social media account.
Of the 19,744 reports, 20% were related to purchasing electronics and 13% to mobile phones.
The information from Kaspersky says that the growth of phishing attacks mimicking e-payment pages was spotted in the run-up to the Black Friday period. The total number of financial phishing attacks disguised as e-payment systems more than doubled from September (627,560) to October 2021 (1,935,905), indicating a 208% increase.
Over Black Friday weekend, payment fraud rates in the USA increased across multiple verticals, with surprising YoY surges in digital wallets, B2C goods/services, and PSPs.