Electronics Retail Fraud Grew 14% During Peak Holiday Period: ACI
Fraud attempts between Thanksgiving and Cyber Monday jumped 14%, “particularly with electronics items,” reported ACI Worldwide Tuesday. Tactics included account takeover, synthetic fraud and friendly fraud, it said, saying merchants should have fraud systems in place that can easily detect…
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a genuine transaction versus a fraudulent one. Supply chain fears drove a 28% increase in October shopping, while buy now, pay later (BNPL) transactions increased 30% October-December, peaking at 43% in October, it said. The value of transactions increased 28% globally in October 2021 vs. October 2020 on concerns of delivery delays and low inventory. Buy online, pick up in-store (BOPIS) adoption rose 68% year on year October-December, continuing to ride consumer concerns over COVID-19, ACI said. Consumers are showing continued interest in picking up their orders from in-store lockers as merchants increasingly adopt the “fast and safer” self-service method, it said. “Worldwide shopping continues to evolve as consumers rapidly embrace new ways to pay or receive their goods -- driven by merchant modernization and rapid consumer adaptability,” said Debbie Guerra, ACI head-merchant payments. Other findings: (1) North America and Europe had a 31% increase in BNPL transactions October-December over the prior year; (2) Consumers shopping with mobile devices spent $31 more on average than consumers using nonmobile devices.