Black Friday sees 40% rise in online fraud attacks

5 December 2008

Online fraud attempts rose by a "staggering" 40 percent on Black Friday, the day after the Thanksgiving holiday and one of the busiest shopping days in the US calendar, a new report has claimed.

Fraud prevention specialist Retail Decisions said its online clients not only saw an increase in overall fraud attacks but the average amount fraudster attempted to steal rose by 25 per cent from last year to $248.

According to the statistics from the company, which monitors around 16 billion card transactions every year, shipping and billing sites in New York and Florida were subjected to the most attempted fraud.

Commenting on the figures, Retail Decisions chief executive officer Carl Clump said the damage from online fraud can be "extensive" for businesses, in terms of both reputation and the bottom-line.

"Retailers are being hit from all angles, with the economic downturn accompanied by an increase in attempted fraud," he added.

This year, Black Friday fell on November 28th.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development